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TEHRAN, April 27 -Reports of money-laundering in Switzerland have reached a new record high with 4,700 cases reported to Swiss authorities in 2017.
TEHRAN, Young Journalists Club (YJC) – The Money Laundering Reporting Office Switzerland (MROS) revealed in its annual report released on Friday that last year it handled nearly 4,700 cases of Suspected Activity Reports (SARs) in which profits from illegal activities and corruption were transformed into seemingly "legitimate" assets.
The Swiss financial authority said that the illegal activities amounted in total to more than 16.4 billion francs ($16.5bn).
The report said that as in previous years, money laundering for suspected bribery cases topped the list of illegal activities.
It added that cases involving suspected financing of terrorism almost doubled to 51.
Banks accounted for 91 percent of the reports, which also came from asset managers, commodity traders, lawyers, insurers, credit card companies, casinos and others.
Switzerland led the list of countries where suspect clients were domiciled, followed by Central/South America and the Caribbean. By nationality, Switzerland led again, followed by Italy and the Commonwealth of Independent States/Ukraine, the report showed.
MROS is Switzerland’s central money laundering authority and functions as a relay and filtration point between financial intermediaries and law enforcement agencies. Under the provisions of the Anti-Money Laundering Act, MROS receives and analyzes suspicious activity reports in connection with money laundering, terrorist financing, money of criminal origin or criminal organizations and, where necessary, forwards them to law enforcement agencies for follow-up action.
It publishes annual statistics on developments in combating money laundering, organized crime and terrorist financing in Switzerland, and identifies typologies that are useful for training financial intermediaries. MROS is not a police agency in itself, but rather an administrative unit with special tasks.
Source: Press TV
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