By STEPHEN RAE for AMLi
EUROPE’S biggest political bloc, the EPP today raised the spectre of Switzerland being added to FATF’s “Grey List” over the “Credit Suisse Papers” revelations.
In Brussels, the European People’s Party (EPP) this afternoon (Monday) demanded the EU to review its relationship with Switzerland and look at the possibility of adding the financial centre to the list of countries associated with a high risk of financial crime.
The stakes are high for any country facing the FATF “Grey List”. A recent IMF paper concludes that the economic cost is a negative impact on capital inflows of 7-8% of GDP.
Meanwhile Finma, the Swiss financial regulator, has also announced it was “in contact” with Credit Suisse concerning the investigation.
Subscribe now to have unlimited access
With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!
