Swiss FIPPP: MROS and the private sector join forces in the fight against money laundering and terrorist financing

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Swiss FIPPP: MROS and the private sector join forces in the fight against money laundering and terrorist financing

Federal Office of Police

Bern, 08.11.2024 - The Swiss Financial Intelligence Public Private Partnership (Swiss FIPPP) commenced work at a plenary session on 7 November. The focus of the partnership between fedpol's Money Laundering Reporting Office Switzerland (MROS) and 12 private-sector Swiss financial institutions is on exchanging information in order to identify risks and threats in connection with money laundering and terrorist financing.

The Swiss financial centre is one of largest in the world. Swiss banks manage almost a quarter of all cross-border assets worldwide. Money laundering and terrorist financing are therefore not only a threat to Switzerland's internal security, but can also cause lasting damage to its financial market. Coordinated action by the authorities and the private sector is therefore crucial. A key element of this is the exchange of information.

The Swiss FIPPP is a partnership to formalise the exchange of information between MROS and the private sector in accordance with the legal provisions. It focuses on the strategic analysis of the methods, trends, threats and risks of money laundering and terrorist financing in order to create indicators and typologies. This, in turn, will enable the private sector to better identify suspect cases and benefit the authorities in the areas of prevention and prosecution.

Most major financial centres already have partnerships between the public and private sectors and have had positive experiences, particularly with regard to prevention. The Swiss FIPPP aims to improve Switzerland's defence strategy against money laundering and terrorist financing.

In establishing the Swiss FIPPP, the needs of the financial sector were analysed and duly incorporated. The Swiss FIPPP is starting as a partnership between MROS and 12 financial institutions and should continue to develop and grow gradually.

The following financial institutions are involved in the launching of the Swiss FIPPP:

Bank Julius Bär & Co AG., Bank Vontobel AG, Banque Lombard Odier & Cie SA,
Bitcoin Suisse AG, Deutsche Bank (Schweiz) AG, HSBC Private Bank (Suisse) SA,
Raiffeisen Schweiz Genossenschaft, Societe Generale Corporate & Investment Banking, UBS AG, Valiant Bank AG, Zürcher Kantonalbank, Zürich Versicherungs-Gesellschaft AG.

Address for enquiries

Federal Office of Police fedpol, Communication Service, T +41 58 463 13 10, [email protected]

Publisher

Federal Office of Police
http://www.fedpol.admin.ch/fedpol/en/home.html

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Last modification 10.06.2024

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