Swiss Unveil Proposal to Ban Money-Laundering
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ZURICH — The Swiss government unveiled plans today to outlaw money-laundering and prevent criminals abusing Swiss bank secrecy to dispose of their loot.
Justice Minister Arnold Koller said money-laundering should be made a crime punishable by up to five years in prison or a fine of $595,000.
“Switzerland does not need dirty money,” he told a press conference in Berne. “The government wants to make a contribution to the fight against drug trafficking, money-laundering and organized crime.”
Koller was outlining a bill that will be put before parliament this year. It could become law in 1990.
Switzerland has been criticized in recent years by police in other countries who say its bank secrecy laws make it a safe haven for the proceeds of crime.
Koller said the new law would make it an offense for anyone to help to conceal the origin of money that he had reason to suspect was obtained through crime.
It would also oblige banks to check the identity of the real beneficiaries of money or valuables deposited with them.
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