Navigation

Fight against money laundering stepped up

From March 1, customs officials will be allowed to interrogate people carrying large amounts of cash or securities into the country.

This content was published on February 11, 2009 - 17:57

The measure, approved by the cabinet on Wednesday, empowers officials to ask individuals personal question such as what the money is to be used for if the sum exceeds SFr10,000 ($8,620).

But the minimum amount is waivered if money laundering or terrorist financing is suspected.

The officials have the right to temporarily confiscate the money.

The measure is in line with the implementation of recommendations by the inter-governmental body, the Financial Action Task Force (FATF).

FATF membership is currently made up of 32 countries - including Switzerland - and territories and two regional organisations.

The FATF also works in close co-operation with a number of international and regional bodies involved in combating money laundering and terrorist financing.

Articles in this story

This article was automatically imported from our old content management system. If you see any display errors, please let us know: community-feedback@swissinfo.ch

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative

Contributions under this article have been turned off. 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.

Share this story

Change your password

Do you really want to delete your profile?