Transparency International wants Switzerland to do more about shell companies
The report blames Swiss financial institutions for turning a blind eye to suspicious transactions in the Brazilian Petrobras bribery scandal
Keystone
Switzerland is lagging behind in the fight against the abuse of anonymity provided by companies and trusts, which is often used to commit financial crimes. That is the conclusion of Transparency International in a report published on Thursday.
This content was published on
2 minutes
SDA-ATS/ac
The report placed Switzerland in the second-highest category of “strong framework” among the 23 countries assessed by the anti-corruption NGO. Only four countries – France, Italy, the UK and Spain – made it to the highest or “very strong framework” category when it comes to identifying and verifying beneficial ownership of companies.
Switzerland does well in the areas of risk assessment, information acquisition by companies and cooperation between authorities, the report notes. On the other hand, it lags in other areas, such as a lack of a centralised register of beneficial owners of legal entities.
Switzerland is also the only country that does not require financial institutions to verify beneficial owner information with a valid ID. Money laundering through real estate was also cited as a problem for the Alpine nation because “real estate agents are only required to conduct due diligence and identify the beneficial owner if they accept more than CHF100,000 in cash in the course of a commercial transaction”.
Transparency International also considers that the scope of the Swiss Anti-Money Laundering Act is too narrow. The NGO wants the law to also apply to certain activities carried out by lawyers, notaries, trustees, real estate agents and dealers of artworks and luxury goods that can easily be used for money laundering purposes.
Related Stories
Popular Stories
More
Demographics
Roger Federer is not eternal, but he changed tennis forever
Trump made direct financial demands during call with Swiss president
This content was published on
During the telephone call between Karin Keller-Sutter and Donald Trump on July 31, Trump demanded direct payments from Switzerland, according to an investigation by SonntagsBlick.
Demonstrators in Swiss capital demand better access to mental health care
This content was published on
Thousands of people demonstrated in Berne on Saturday afternoon against long waiting lists, the lack of therapy places and the absence of a clear pricing structure.
This content was published on
Swiss companies' expectations for salary growth are down by 0.3 percentage points compared to a year ago, according to a survey conducted by the Center for Economic Research (KOF).
One Swiss national killed in plane accident in southern France
This content was published on
A Swiss national was killed alongside a German national in a crash involving two light aircraft on Saturday afternoon in Saint-Pons, south-eastern France.
Over 6,000 apprenticeships remain unfilled in Switzerland
This content was published on
By mid-August, which is the start of the Swiss school year, some 6,400 apprenticeship vacancies remain, mainly in the construction, catering and machinery industries.
Japanese film Tabi to Hibi wins Golden Leopard at Locarno
This content was published on
The Japanese film Tabi to Hibi by director Sho Miyake won the Golden Leopard, the top prize in the international competition, on the final day of the Locarno Festival.
Switzerland could produce up to 5Mt of emissions annually by 2050
This content was published on
Two to five megatonnes of CO2 equivalents per year: this is the amount of greenhouse gas emissions that Switzerland is still expected to produce annually in 2050, a new study shows.
US tariffs putting 100,000 jobs at risk in Switzerland
This content was published on
US tariffs of 39% on Swiss imports will directly affect 100,000 jobs, mainly in the watchmaking, machinery, metals, and food industries, economiesuisse warns.
This content was published on
Switzerland has released CHF4 million (nearly $5 million) to help Sudan, which has been severely affected by famine and cholera.
Switzerland rejects new Israeli settlements in Palestinian territory
This content was published on
Switzerland says it rejects the announced construction of thousands of housing units in the Israeli-occupied Palestinian West Bank.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
UN expert: Switzerland must do more to combat ‘dirty money’
This content was published on
A UN expert has called for tougher sanctions and other measures to keep so-called ‘dirty money’ from entering Swiss financial markets.
Swiss private bank sanctioned in Petrobras corruption case
This content was published on
The Petrobras state oil company is at the centre of one of Brazil’s worst-ever corporate corruption scandalsExternal link. The affair has dragged in companies, banks and prosecutors from several countries, including Switzerland. It involved a money laundering network that funneled millions of dollars in bribe money through hundreds of Swiss bank accounts, which ended up…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.