The Forty Recommendations
In June 2003, the member states of the Financial Action Task Force on Money Laundering approved a comprehensive revision of the 40 recommendations. These revised recommendations are recognised today as an the international standard for measures that a country must take to effectively combat money laundering. In terms of due diligence, Swiss regulations are fully in line with the requirements of the FATF. Adjustments may be needed to Swiss criminal law, however, since the new recommendations extend the list of criminal offences that are seen as predicate offences to money laundering. Following the attacks of September 11, 2001, the FATF also issued special recommendations designed to prevent the financing of terrorism. Although these recommendations are not legally binding (soft law), they have had a big influence on the fight against money laundering in the industrial countries. |
