Swiss suspicious activity reaches a record - Spear's Magazine

Swiss suspicious activity reaches a record

The volume of suspicious financial activity in Switzerland has increased to record levels, the authorities reported.

The volume of suspicious financial activity in Switzerland has increased to record levels, the authorities reported.

Switzerland’s Money Laundering Reporting Office (MLRO) received a record number of suspicious activity reports linked to money laundering from the banking sector, with 851 reports last year compared with 795 in 2007.

The Swiss Federal Department of Justice and Police reported that the combined value of assets covered by the reports had also reached a record high, doubling from 2007 levels to hit $1.65 billion in 2008.

Two-thirds of all reports were from the banking sector and that frauds represented the majority of cases under suspicion. Investment fraud accounted for 38.5 percent and 9.5 percent was related to bribery. Most offences were alleged to have taken place outside Switzerland and the money deposited in Swiss bank account, the department said.

For further details, visit thewealthnet



 

FOLLOW US ON