EPP Group calls to re-evaluate Switzerland as high-risk money-laundering country

Over the weekend, a group of international journalists released the findings of an investigation that points to massive problems with anti-money laundering practices in Swiss Bank Credit Suisse.

For Markus Ferber MEP, the EPP Group’s Spokesman in the Economic and Monetary Affairs Committee : “Bank privacy laws must not become a pretext to facilitate money laundering and tax evasion. The “Swiss Secrets” findings point to massive shortcomings of Swiss Banks when it comes to the prevention of money laundering. Apparently, Credit Suisse has a policy of looking the other way instead of asking difficult questions.”

“European and Swiss banks have close ties, anti-money laundering deficiencies in the Swiss banking sector therefore also pose a problem for the European financial sector. When Swiss Banks fail to apply international anti-money laundering standards properly, Switzerland itself becomes a high-risk jurisdiction. When the list of high-risk third countries in the area of money laundering is up for the revision the next time, the European Commission needs to consider adding Switzerland to that list.”

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