38
INTERNATIONAL MONETARY FUND
Table 5. Switzerland: Deposit Measures Adopted During the GFC
The deposit insurance limit was increased from Sw F 30,000 to Sw F 100,000.
The cap on maximum contributions from Esisuisse members was increased to Sw F 6 billion, and members were
required to hold 50 percent of their potential contribution as extra liquidity.
Esisuisse was mandated to provide the funds to a liquidator within 20 days after FINMA orders protective
measures or initiates insolvency.
Banks were required to hold assets equivalent to 125 percent of their insured deposits in Switzerland.
F. Anti-Money Laundering/Combating the Financing of Terrorism
(AML/CFT)
78. The 2005 assessment conducted by the Financial Action Task Force (FATF) found
that Switzerland’s AML/CFT framework was largely compliant with the standard, but also
highlighted key deficiencies. Since then, the authorities took steps to address some of the
shortcomings. Considering the international pressure to increase transparency of legal persons
and tackle tax evasion, the authorities are encouraged to effectively implement the revised FATF
standard, notably with respect to the inclusion of tax crimes as predicate offenses to money
laundering and transparency of beneficial ownership of legal persons. Switzerland is tentatively
scheduled to undergo its next assessment in 2015.
SWITZERLAND
INTERNATIONAL MONETARY FUND
39
Appendix I. 2007 FSAP Findings and Key Recommendations
Table 6. Switzerland: Previous FSAP Findings and Key Recommendations—BCP
Reference Principle
Recommended Action
Status
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