On November 7, 2024, the Swiss Financial Intelligence Public Private Partnership (Swiss FIPPP) initiated its collaborative efforts to combat money laundering and terrorist financing. This groundbreaking partnership brings together fedpol’s Money Laundering Reporting Office Switzerland (MROS) and 12 prominent Swiss financial institutions.
The Swiss financial sector, managing nearly a quarter of global cross-border assets, faces significant risks from financial crimes. Recognizing these challenges, the Swiss FIPPP aims to formalize information exchange between public and private sectors, focusing on strategic analysis of money laundering and terrorist financing methods.
Key objectives of the partnership include:
- Developing indicators and typologies to identify suspicious activities
- Enhancing prevention and prosecution strategies
- Improving the financial sector’s ability to detect potential financial crimes
The participating financial institutions represent a diverse cross-section of Switzerland’s banking landscape, including:
- Major global banks like UBS AG and HSBC Private Bank
- Specialized institutions such as Bitcoin Suisse AG
- Regional banks like Zürcher Kantonalbank
- Insurance companies like Zürich Versicherungs-Gesellschaft AG
Following the model of other major financial centers, the Swiss FIPPP represents a proactive approach to addressing financial security. The partnership is designed to be flexible, with plans to gradually expand and incorporate more institutions over time.
By combining the expertise of regulatory authorities and private financial institutions, Switzerland aims to strengthen its defense against money laundering and terrorist financing, protecting both national security and the reputation of its financial market.
The press release can be found here.
