13 Oct 2016
The Swiss financial system is susceptible to money laundering with the number of cases rising over the past five years, warns the head of Switzerland’s financial regulatory body, FINMA.
“The risk of money laundering in Switzerland has increased these past five years,” FINMA boss Mark Branson told the Tribune de Genève/24Heures newspaper.
But for Branson this increase in the number of cases is a positive sign that the sector is paying more attention to the problem.
“We know full well that that illegal behaviour is normally due to the client and not the bank,” he told the papers in an interview published on Thursday.
But there is a limit to FINMA’s ‘tolerance’, said Branson.
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