The first step entails preventing that illicitly acquired assets of PEPs enter Switzerland.
The strict provisions of Swiss anti-money-laundering legislation oblige Swiss banks and all other financial service providers to identify not only the contracting party, but also the economic beneficiary. Moreover, the Swiss Money Laundering Act provides for enhanced due diligence in dealing with PEPs.
Fighting money laundering and terrorist financing
Federal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector
Banks and other financial intermediaries are required by law to report all suspicious transactions to the Money Laundering Reporting Office Switzerland (MROS) and to block immediately any account where there is suspicion of money laundering. Swiss banking secrecy provides no protection against the prosecution of criminal offences either in Switzerland or in the context of international mutual assistance in criminal matters.
Money Laundering Reporting Office Switzerland (MROS), Federal Office of Police fedpol
Combating corruption in those states with which Switzerland has cooperation agreements is a high priority of Swiss foreign and development policy. For example, specific measures are implemented in the context of programmes on good governance. All cooperation contracts contain clauses on preventing corruption.