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Money Laundering Research Related to Switzerland Money Laundering Reporting Office Switzerland - 8th Annual Report The number of incoming suspicious activity reports fell in 2005 for the second consecutive year. Whereas the decline in the number of reports in 2004 was mainly in the field of international financial transactions (so-called money transmitters), the decrease in 2005 was evident in nearly all branches subject to mandatory reporting. What stands out in particular in comparison to 2004 is the decline by 13.8% (47 fewer reports) in the banking sector in contrast to the continual increase in absolute terms in the previous reporting years (2004: +12.6% or +38 reports; 2003: +11.4% or +31 reports; 2002: +6.2% or +16 reports). This figure is especially striking in view of the new regulations on special due diligence for high-risk groups set out in the Ordinance of the Federal Banking Commission on the Prevention of Money Laundering (MLO), which came into force on 1 July, 2003. These regulations go beyond the scope of Article 9 of the Federal Act on Combating Money Laundering in the Financial Sector (MLA) by requiring banks also to report cases of attempted money laundering.
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