Swiss FIU Evaluates Self-Regulating Organizations in Annual Report

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Friday, July 1, 2005
Author: 
Bruce Zagaris
Volume: 
21
Issue: 
7
266
Abstract: 
On March 31, 2005, the Swiss Money Laundering Control Authority (MLCA) published its annual report, discussing its activities during the last year. The report evaluates the work of the self-regulating organizations (SRO) and concludes that the work of the SROs enabled the financial intermediaries in the non-banking sector able to quickly be subjected to extensive and effective supervision. The report gives an overview of the decisions of general principle taken, details regarding the proposed regime of the supervision tax, the revision of the Ordinance on the Register of the MLCA, as well as on cooperation with national and international authorities and bodies. The MLCA conducted an evaluation of self-regulating organizations. The report highlights the qualities of the SROs and the problem areas of some of them in implementing the Money Laundering Act (MLA)...[more]