March 20 (Reuters) - The Swiss government on Friday approved a plan for combating money laundering and terrorist financing that it said would strengthen controls while protecting the integrity of the
Swiss Government Approves Measures to Strengthen Anti-Money Laundering Efforts
Overview of New Anti-Money Laundering Initiatives
Government Approval and Objectives
March 20 (Reuters) - The Swiss government on Friday approved a plan for combating money laundering and terrorist financing that it said would strengthen controls while protecting the integrity of the country as a financial centre.
Focus Areas for Future Development
Criminal Prosecution and Supervisory Authorities
After conducting a review, the country will now focus on developing instruments for criminal prosecution and stronger supervisory authorities in the coming years, the statement said.
Data Improvement and Risk Assessment
Enhancing Databases
This will include improving data bases and preparing a third national risk assessment on money laundering, following the first two in 2015 and 2021, respectively.
Legislative Debate and Industry Concerns
In September Swiss lawmakers had sought to water down government proposals on preventing financial crime, saying the country needed to stay competitive in cross-border wealth management in the face of rivals such as Singapore and the United Arab Emirates gaining ground.
(Reporting by Marleen Kaesebier, Editing by Friederike Heine)
