Media releases 2002

October 25, 2002
Combating Money Laundering: Switzerland in the Front Line
In the international fight against money laundering, Switzerland is in the front line with an effective system developed over time, said Mr. Kaspar Villiger, President of the Swiss Confederation. Mr. Villiger was speaking at an information meeting organised jointly by the various Swiss federal authorities involved in the prevention of money laundering.
Media Release
September 4, 2002
Media Release : SFBC closes SMS Securities Sigg Merkli Schrödel AG
On the evening of September 3, 2002, the Swiss Federal Banking Commission (SFBC) withdrew the securities dealer’s licence of SMS Securities Sigg Merkli Schrödel AG, Zurich, due to a gross breach of the firm’s legal duties, and ordered its immediate liquidation.
Media Release
August 14, 2002
Media Release : SFBC closes A&A Actienbank
The Swiss Federal Banking Commission (SFBC) has revoked the banking licence of A&A Actienbank, Zurich, following gross breach of the latter’s legal duties. A comprehensive analysis conducted by the SFBC of other banks and securities dealers with exposure to the equity markets shows that the effects of the share price losses are limited.
Media Release
July 15 , 2002
SFBC reprimands UBS for lack of due diligence with Abacha funds
The Swiss Federal Banking Commission (SFBC) has completed its investigation into USB AG’s handling of funds possibly linked to Mr. Abacha and ordered an on-site audit of the bank. The SFBC concluded from its investigations that UBS had failed to fulfil its duty to collect detailed information and review the economic background for unusual business relationships, in connection with the opening of an account in 1996.
Media Release
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July 9, 2002
Media Release: Banking Commission issues money laundering ordinance for consultation
The Swiss Federal Banking Commission (SFBC) releases to the public a draft money laundering ordinance, drawn up by a mixed working group. The draft calls for stricter clarification obligations in order to prevent money laundering and the financing of terrorism as well as more detailed due diligence regulations in dealing with assets held by politically exposed persons. It takes due consideration of the current state of play with regard to the international debate on the issues.
Media Release
Draft of the SFBC Money Laundering Ordinance
Report of the Working Group
Appendix I
Appendix II: GermanFrench
Position of the SFBC on the draft by the Working Group GermanFrench
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March 14, 2002
Report by the SFBC: no evidence of insider offences by terrorists
The terrorist attacks of September 11, 2001 have also had an impact on the activities and resources of the SFBC. The SFBC has been called upon to play an important role in the worldwide search for trails left by the terrorists in the international financial system. The SFBC has now published its findings that there is no evidence of insider trading by terrorists in a report. A media release as well as the report published by the SFBC can be downloaded in PDF-format.
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January 23, 2002
Media Release: SFBC opting for modification of legislation on granting administrative assistance to foreign regulators of capital markets
Swiss legislation regulating international administrative assistance among regulators in matters of insider trading and other market abuses do not allow for adequate exchange of information between the Swiss Federal Banking Commission and its foreign counterparts. This calls for an amendment in the benefit of the Swiss financial market. The complete media release can be downloaded in PDF-format.
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