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The Swiss financial hub is one of the largest in the world. It is sometimes accused of harboring dirty money due to its bank secrecy, although these accusations are founded on mere generalizations.

What is money laundering?
Money laundering is a process whereby the origin of funds generated by illegal means is concealed (gun smuggling, drug trafficking, etc.).

The Swiss stance with regard to money laundering
The fight against money laundering is a priority for Switzerland. The Swiss authorities have been actively involved in the fight against money laundering for a number of years now, with the full support of the Swiss banks. In reality, it is not at all in the Swiss banks' interest to accept criminal funds: they do not need to take these kinds of risks to be profitable.

Tools for fighting against money laundering
Switzerland has implemented preventive and repressive steps against money laundering in the form of modern and comprehensive tools that activate effective procedures both within the bank itself and on an international level.

Bank secrecy does not protect crime money.

• Obligation to inform: if the bank has the slightest suspicion about a transaction, it is under obligation to inform the Federal Reporting Office for Money Laundering without delay.
• Lifting of bank secrecy: A Swiss judge can order the lifting of bank secrecy at any moment and seize the unlawful holdings if there is proof that the account is a criminal matter according to Swiss law.
  

Note:Tax evasion (failure to declare income) is nothing at all like money laundering.

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