BERN: The number of cases reported to the Swiss Money Laundering Reporting Office (MROS) last year rose by almost a quarter, largely due to increased awareness by financial intermediaries.
In 2014, 1,753 suspicious activity reports (SAR) were filed to the MROS, an increase of 24% compared with the previous year and the highest number ever. The total value of reported suspect assets also reached CHF3.3 billion ($3.4 billion), beating the all-time high of 2011 which was driven by the financial fallout of the Arab Spring.
Over 85% of cases came from the banking sector ‒ an increase of 33% ‒ while the number of SARs from other financial sectors, such as fiduciaries and asset managers, declined.
As in previous years, fraud was the most frequently reported money-laundering offence. The number of SARs involving bribery more than doubled. This was due, in particular, to one large and complex case that triggered over 50 SARs. The number of SARs involving terrorist financing fell, from 33 to 9 in 2014. A total of 72% of all cases were forwarded to the relevant prosecuting authorities.
