The number of cases of suspicious financial activity reported by Switzerland’s Money Laundering Reporting Office (MROS) have increased by 35% in 2015 compared to the previous year.
This content was published on
1 minute
swissinfo.ch
The annual figures released on Tuesday reveal that 2,367 cases of money laundering were flagged compared to 1,753 in 2014. The vast majority of these (91.2%) were reported to the authorities by banks themselves.
The scale of reported money laundering amounted to a little over CHF4.8 billion, an increase of 44.5% over the year before, MROS said in its annual report. The Brazilian Petrobas scandal, as well as other complex cases, were largely responsible for the rise. The average value of a case reported on suspicion of money laundering amounted to little over CHF2 million.
Contrary to previous years, corruption and not fraud, was the leading motivation (594 cases compared to 357 in 2014) behind the cases reported. The MROS received external requests concerning suspicious activity reports (SARs) involving 2,144 foreign nationals and legal entities. The most requests on SARs involved nationals and entities from Germany (198), Russia (148), UK (129), Italy (108) and the United States (91).
A total of 794 money laundering cases were assessed by the courts with a conviction rate of 9%. More than half of these cases have been closed.
Popular Stories
More
Culture
Documentary portrays Swiss teenagers forced to return to parents’ homeland
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
The gnomes of Zurich are silent no longer
This content was published on
What connects the Petrobras case in Brazil, the 1MDB affair in Malaysia, FIFA, and a party funding row in Spain? Swiss bank accounts.
Criminal case opened against BSI bank over 1MDB fund
This content was published on
The prosecutor’s office said on Tuesday it suspected ‘deficiencies in the internal organisation’ of BSI. “It is believed that due to these deficiencies, the bank was unable to prevent the commission of offences currently under investigation in the criminal proceedings relating to 1MDB,” it said in a statement. The criminal proceedings opened against BSI are…
This content was published on
“Offshore firms are not illegal,” Maurer told the Swiss tabloid Blick on FridayExternal link. “That many are founded in Switzerland has to do with the importance of our financial centre.” “I have a good feeling about it because we have a strict money laundering law. The Swiss Financial Market Supervisory Authority (FINMA) External linkhas it…
Swiss regulator says banks must fight ‘blatant’ corruption
This content was published on
Speaking on Thursday in Bern, FINMA’s CEO Mark Branson said although money laundering is a global problem, Switzerland is particularly susceptible. As the largest financial centre in the world that has built a business around managing wealth for private clients, it is “naturally exposed to a greater risk” in terms of money laundering, he said.…
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.