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Swiss Financial Self-Regulation Mechanisms in the Fight Against Money Laundering and Terrorist Financing

  • Norberto Birchler
Part of the Studies in Banking and Financial Institutions book series (SBFI)

Abstract

The role that self-regulation plays in the Swiss financial sector has proven its efficiency, since the legislation supports and encourages its developments as an alternative form of regulation. Contrary to state regulation, self-regulation brings a bottom-up approach, granting all financial actors the possibility to be heard and to participate in the regulatory process, which makes the Swiss system so unique in the financial world. As the cornerstone of Switzerland’s financial market architecture, self-regulation plays an important part in the fight against money laundering and terrorist financing. In spite of old criticisms formulated by the Financial Action Task Force (FATF) towards the Swiss complex self-regulation system, self-regulatory norms are now given greater legitimacy, effectiveness and credibility to coexist with state regulations in the international combat against money laundering and terrorist financing, particularly in the perspective of both globalisation and bank reform.

Keywords

Financial Market Banking Sector Money Laundering Financial Intermediary Supervisory Authority 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

List of Abbreviations

AMLA

Swiss Anti-Money Laundering Act

AMLCA

Swiss Anti-Money Laundering Control Authority

ARIF

Association Romande des Intermédiaires Financiers

CDB

Swiss banks’ code of conduct with regard to the exercise of due diligence (Convention de Diligence des Banques)

DUFI

Financial intermediaries directly subordinated (direct unterstellten Finanzintermediäre)

EG

Egmont Group

FATF

Financial Action Task Force

FDF

Swiss Federal Department of Finance

FDJP

Swiss Federal Department of Justice and Police

FINMA

Swiss Federal Financial Market Supervisory Authority (Finanzmarktau fsicht)

FINMASA

Swiss Financial Market Supervision Act

FIU

Financial Intelligence Units

FOPI

Swiss Federal Office of Private Insurance

MLO

SFBC SFBC Money Laundering Ordinance

MROS

Money laundering Reporting Office Switzerland

OAR

Organisme d’Auto-Régulation (=SRO)

SBA

Swiss Bankers Association (Swissbanking)

SCC

Swiss Criminal Code

SFA

Swiss Funds Association

SFBC

Swiss Federal Banking Commission

SFGB

Swiss Federal Gaming Board

SRO

Self-Regulatory Organisation

SIA

Swiss Insurance Association

SWX

Swiss Exchange

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Copyright information

© Norberto Birchler 2009

Authors and Affiliations

  • Norberto Birchler

There are no affiliations available

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