Swiss seek ways to bolster financial crime office

The Swiss government has tasked the Federal Department of Justice and Police with presenting concrete options by the end of 2026.

Under constant pressure, MROS (the Money Laundering Reporting Office) is in a critical situation, the Federal Council explained on Friday.

This assessment was echoed by the Swiss Federal Audit Office in a report published this week. It warned that insufficient resources were preventing MROS from fully fulfilling its legal mandate.

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Overwhelmed with information
This office receives reports of suspected money laundering and terrorist financing. These reports are sent to it by financial intermediaries, such as banks.

However, MROS is overwhelmed with this information, and if it is unable to process it, there is a risk that financial crimes will not be identified in time and will therefore be forwarded too late to the criminal prosecution authorities.

It should be noted that these are often international cases. Switzerland could therefore find itself in an awkward position if it is unable to cooperate effectively.

Fee-based assistance?
In its statement, the Federal Council indicated that the Confederation is facing a tight budgetary situation, meaning that it cannot provide further support to MROS.

The government is therefore considering new financing models, such as the introduction of a fee system.

According to Tamedia newspapers, one option being considered would be to require banks and other financial institutions to contribute through taxes. It remains to be seen whether the Federal Council will pursue this option.

Article Credit: https://www.swissinfo.ch/eng/various/swiss-government-looks-for-way-to-boost-anti-money-laundering-office/89997813