Switzerland is looking to join a UK-led international task force aimed at cracking down on kleptocrats and recovering stolen assets, a UK government official said, as the country tries to move past its long-standing image as a safe haven for illicit wealth.
Foreign minister David Lammy discussed the International Anti-Corruption Coordination (IACCC) with the Swiss government during a visit to the country earlier this month, according to the official, who spoke on the condition of anonymity.
The Swiss government did not immediately respond to a request for comment.
‘Key Partner’
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 that Switzerland is “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.
Billions Identified, Millions Of Accounts Frozen
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 has identified 1.8 billion pounds in suspected stolen funds, and frozen 641 million pounds of assets, the IACCC says.
UK’s Challenges
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 it 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)
(With inputs from Reuters)
