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Money laundering

This content was published on September 18, 2006 - 13:16

Money laundering is the term applied to the act of concealing the origins of money earned through criminal activities and releasing it unnoticed into legitimate business activities. It is most commonly associated with drug trafficking. The Swiss Money Laundering Act of 1998 obliges all financial intermediaries (not only banks) to identify all clients and to establish the beneficial owners of the assets ("know your customer").

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