Initial Position of the Swiss Bankers Association on the Change to the Money Laundering Legislation Pertaining to the Exchange of Financial Information between FIUs

  • We recognize the necessity for an exchange of information between reporting offices (Financial Intelligence Units, FIU), as Switzerland would otherwise face the threat of a suspension of its membership in the Egmont Group, which would lead to unnecessary international pressure and reputational damage.
  • The exchange of information must, however, be conducted in adherence to strict guidelines. For example, the information can only be exchanged in the instance of a concrete case, but not amongst all group members or beyond a specific case.
  • Furthermore, the information may not be passed on to other authorities in the respective country, nor may the normal administrative and legal assistance procedures be circumvented as a result thereof.
  • The Swiss Bankers Association will closely examine the proposal and will provide a comprehensive statement of its position on the matter during the course of the consultation process.