Switzerland, dirty money and the Anti-Corruption Coordination Centre
Switzerland is finally considering joining a British-led international task force targeting kleptocrats and recovering stolen assets. Reuters noted that after “a meeting with David Lammy (UK’s foreign secretary) discussed the International Anti-Corruption Coordination Centre with the Swiss government during a visit earlier this month.” The Swiss presently are observers International Anti-Corruption Coordination Centre and have been invited by Britain to become a full member. Joining the task force would allow Swiss authorities to share intelligence and work more closely with other countries on major investigations targeting dirty money. The IACCC is hosted by Britain's National Crime Agency and includes enforcement bodies from countries from the United States, Australia, Canada and New Zealand to share intelligence and coordinate investigations.
Why is this important? As we all know, Switzerland is presently the world's largest manager of offshore wealth. Yet, with that it also has the reputation of being a safe haven for illicit funds. They are taking steps to improve transparency, including proposing stricter rules on beneficial ownership, but membership in the IACCC would encourage and basically move them toward even greater accountability and lead the way for other countries harboring offshore wealth, and hopefully minimizing dirty money’s reach. This is a good start, and the world should applaud and encourage Switzerland’s movement in the right direction.
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