The largest administrator of offshore assets in the world takes into account a key move to escape the paradise reputation of “dirty money”
Packages of banknotes (US dollars, Euro, Swiss francs and pounds) in the “Zugher Kantonalbank” bank, on August 9, 2011, in Zurich, Switzerland. Photo: Martin Ruetschi / Keystone-Sda-ATS AG / Profimedia
Switzerland announced on Tuesday that it is considering accession to an international work group led by the UK concerning the Cleptocrats and the recovery of stolen goods, informs the Reuters Agency, who notes that the move prepared by the Bern authorities is made in the country's attempt to escape its “dirt” paradise.
The British Foreign Minister David Lammy discussed the International Anti-Corruption Coordination Center (IACCC-International Anti-Corroupion Center) with the Swiss government during a visit earlier this month, according to an official of the British government, which spoke subject to anonymity.
The Ministry of Foreign Affairs of Switzerland has said that the country currently has the status of Observatory of the IACC and has been invited by the United Kingdom to become a full member.
“In this context, Switzerland is currently examining different options for its future cooperation with IACC. No decision has been made in this regard,” writes in a press release of the Swiss Ministry.
The accession to the working group would allow the Swiss authorities to share information and to collaborate with other countries in important investigations aimed at the “washing” of dirty money.
Lammy told Reuters earlier this week that Switzerland is “a key partner in the fight against illicit funding and corruption”, and its participation in the IACC would be “invaluable”.
Switzerland, the largest offshore assets administrator in the world, tried to escape the image of tax paradise for illicit funds and recently taken measures to improve transparency, including proposing stricter rules on the effective beneficiaries.
The IACC Working Group was established in 2017 and is hosted by the National Crime Fight Agency (NCA) in the United Kingdom. It brings together law enforcement bodies such as the United States, Australia, Canada and New Zealand to share information and coordinate investigations.
Since its establishment, the group states that it has identified 1.8 billion pounds in suspected funds that they have been stolen and froze 641 million pounds.
The United Kingdom intensified its efforts to combat illicit finances, after the beginning of Russia's large-scale invasion in Ukraine in 2022. London positioned as a leader in the global struggle, but still faces his own challenges in this field.
NCA estimates that over 100 billion pounds ($ 135.32 billion) are washed through or in the United Kingdom every year, often through corporate structures registered in the UK.
