Swiss Regulator to Work with Banks, Targets Money Laundering

Stephen Harris

20 April 2005

The Swiss Federal Banking Commission plans to confer much more with Swiss banks in the future on shaping and implementing future banking regulation, according to its annual media conference. High-level representatives of the banking commission and the Swiss Bankers Association will work together to lay the groundwork for future regulatory projects, the chairman of the SFBC, Kurt Hauri, said in a speech. “Regulatory plans for the medium term are being drawn up and priorities are being determined,” said Mr Hauri. The banking commission said it is recommending setting up a panel of experts, including bank professionals, to evaluate how best to translate international anti-money laundering rules into Swiss law. The SFBC reiterated its focus on money laundering, saying that Switzerland's position as home to many private banks and its closely held banking secrecy rules makes it more exposed to the problem than many other countries. As a result, its anti-money laundering legislation should go above and beyond the minimum standard, the commission said.