Switzerland and Monaco join forces against money laundering
Monaco and Switzerland have signed an agreement to promote the exchange of information in international cases of money laundering.
Similar agreements have been signed with Belgium and Finland, said the money laundering control authority.
The Swiss government recently revamped its control authority, after following through on a number of parliamentary recommendations to improve the work of the division of the finance ministry that supervises certain activities in the banking sector.
A report from the House of Representatives last June had criticised the implementation of parts of the federal money-laundering act, in particular the authority’s organization.
Since last autumn, the office has seen the number of its employees increase three-fold to 21, with another four positions to be filled by summer.
Switzerland’s money laundering control authority is one of 58 financial intelligence units worldwide. These cells are centred around the “Egmont Group”, whose aim is to promote the safe exchange of information on criminal funds.
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