Switzerland Restructures Money Laundering Defenses

Law360, London (November 27, 2019, 4:27 PM GMT) -- Switzerland plans to overhaul its system for reporting suspected money laundering and terrorism financing, federal police announced Wednesday, after saying the model “no longer meets today’s demands."

The system Switzerland uses for reporting suspected money laundering and terrorism financing was installed in 1998 and has used the same data processing system ever since. (AP) The reporting system currently used by the Money Laundering Reporting Office Switzerland was installed in 1998 and has used the same data processing system ever since, the Federal Office of Police said in a statement originally in German.

“Reports of suspected money laundering or terrorist financing are...

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