Switzerland is one of the few countries to actively enforce efforts to combat bribery of foreign officials, according to the latest international comparison by Transparency International. But the NGO warns that the Alpine country still lacks strong whistleblower protections and has too many loopholes in its money laundering laws.
This content was published on
2 minutes
Keystone-SDA/jdp
The Exporting Corruption Report 2020, published on Tuesday, assesses how well countries implement the Organization for Economic Cooperation and Development’s (OECD) Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.
Of the 47 countries assessed, Switzerland is among the top four performers when it comes to applying the Convention. The United States, the United Kingdom and Israel as the only other countries credited with actively enforcing rules against foreign bribery.
According to the report, most countries assessed (34 out of 47), conducted practically no enforcement of their foreign bribery laws. The biggest global exporters with the worst track records are China, Japan, the Netherlands, South Korea, Hong Kong, Canada, India and Mexico.
While Switzerland scores well, Transparency International finds areas of improvement. “Switzerland still has a lot of work to do in the fight against corruption,” stated Martin Hilti, director of the NGO’s chapter in Switzerland.
“It will remain involved in major corruption and money laundering scandals as long as it does not have effective mechanisms to uncover corruption and to systematically prevent and suppress money laundering,” he said.
The NGO recommends that Switzerland improve legal protection of whistleblowers, expand the scope of federal Money Laundering Act to certain activities of lawyers and create a publicly accessible register of beneficial owners of companies and trusts.
In September, the former head of Switzerland’s anti-money laundering office, Daniel Thelesklaf, criticised the country for not doing enough in the fight against large scale corruption. He argued that billions of dollars are still being laundered through Swiss banks, largely unchecked.
More
More
Does dirty money need banking secrecy to thrive?
This content was published on
Despite progress in the fight against money laundering, some feel that Switzerland could still do more.
Swiss university graduates are popular hires worldwide
This content was published on
Graduates of Swiss universities are popular with international employers, according to the Global Employability University Rankings.
French cross-border workers in Switzerland fear ‘discriminatory’ unemployment reform
This content was published on
In the French region around Geneva, cross-border workers are protesting proposals to cut unemployment benefits for those working in Switzerland.
Swan infected with bird flu in central Switzerland
This content was published on
Switzerland has reported its first bird flu case of the season. A swan found dead in central Switzerland tested positive for the H5N1 virus.
Swiss researchers identify gene variants linked to cancer progression
This content was published on
ETH Zurich researchers explored genetic mutations’ effects on cell function and their role in cancer development and treatment using CRISPR/Cas techniques.
Explosion at Swiss company Givaudan’s US plant leaves two dead
This content was published on
Swiss flavour and fragrance maker Givaudan reported that an explosion at its Kentucky plant resulted in two deaths and several injuries.
Swisscom’s Vodafone Italia takeover cleared by Italian telecoms authority
This content was published on
Swisscom is one step closer to its planned acquisition of Vodafone Italia, as the Italian communications regulator has approved the €8 billion deal.
Swiss parliamentary committee proposes foreign aid cuts and military funding boost
This content was published on
A committee of the Swiss House of Representatives has proposed increasing funds for the military and agriculture while reducing foreign aid and asylum.
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
Swiss prosecutors investigate Geneva private bank over Brazilian ‘Car Wash’ probe
This content was published on
Prosecutors have opened an investigation into Geneva-based Banque Cramer as part of the Brazilian "Car Wash" corruption probe.
Swiss government proposes overhaul of money-laundering laws
This content was published on
The Federal Council (executive body) proposed on Wednesday a set of legal amendments External linkto meet international standards in the fight against money laundering and terrorism financing. It also made recommendations regarding due diligence requirements for Swiss-based associations active abroad, as well as the traders of precious metals and stones. Lawyers and notaries in the spotlight The…
This content was published on
The SonntagsZeitung reports that 16 other countries sent police and prosecutors to Wiesbaden, Germany, last September to glean evidence of potential offences. The documents were leaked from a Panamanian law firm to the International Consortium of Investigative JournalistsExternal link. They contain details of how wealthy people arranged their finances, often through layers of shell companies…
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.