Headlines
Switzerland considers joining UK's 'dirty money' task force
Published by Global Banking and Finance Review
Posted on August 19, 2025
2 min readLast updated: January 22, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on August 19, 2025
2 min readLast updated: January 22, 2026
Switzerland may join the UK's anti-money laundering task force, enhancing efforts against illicit finance and improving international cooperation.
(Adds dropped word 'Centre' in paragraph 2)
By Sam Tabahriti
LONDON (Reuters) -Switzerland is considering joining a British-led international task force targeting kleptocrats and recovering stolen assets, it said on Tuesday, as it seeks to shake off its reputation as a haven for dirty money.
British foreign minister David Lammy discussed the International Anti-Corruption Coordination Centre with the Swiss government during a visit earlier this month, according to a UK government official, who spoke on the condition of anonymity.
Switzerland's foreign ministry said the country currently has observer status of the IACCC and had been invited by Britain to become a full member.
"In this context, Switzerland is currently examining various options for its future cooperation with the IACCC. No decision has yet been made on this," it said in a statement.
Joining the task force would allow Swiss authorities to share intelligence and work more closely with other countries on major investigations targeting dirty money.
Lammy told Reuters earlier this week that Switzerland was "a key partner in the fight against illicit finance and corruption" and its participation in the IACCC would be "invaluable".
Switzerland, the world's largest manager of offshore wealth, has tried to shed its image as a safe haven for illicit funds and has recently taken steps to improve transparency, including proposing stricter rules on beneficial ownership.
The IACCC task force was launched in 2017 and is hosted by Britain's National Crime Agency (NCA). It brings together enforcement bodies from countries including the United States, Australia, Canada and New Zealand to share intelligence and coordinate investigations.
Since it was founded, it says it has identified 1.8 billion pounds in suspected stolen funds, and frozen 641 million pounds of assets.
Britain has ramped up its efforts to tackle illicit finance since Russia's full-scale invasion of Ukraine in 2022. It has positioned itself as a leader in the global fight against kleptocracy, but still faces its own challenges on that front.
The NCA estimates that over 100 billion pounds ($135.32 billion) is laundered through or within the UK each year, often via British-registered corporate structures.
($1 = 0.7390 pounds)
(Reporting by Sam Tabahriti in LondonAdditional reporting by Dave Graham in ZurichEditing by Frances Kerry and Christina Fincher)
The IACCC is an international task force targeting kleptocrats and recovering stolen assets, allowing countries to share intelligence and collaborate on investigations.
Switzerland currently has observer status in the IACCC and has been invited to become a full member.
Switzerland is examining its options for future cooperation with the IACCC to enhance its efforts against illicit finance and improve its international standing.
Switzerland, as the world's largest manager of offshore wealth, has taken steps to shed its image as a safe haven for illicit funds, including proposing stronger transparency measures.
The NCA estimates that over 100 billion pounds, equivalent to approximately $135.32 billion, is laundered through or within the UK annually.
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