Money laundering in Switzerland
Date
2016
Authors
Fortier, Karlina
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Publisher
Bachelor of Commerce Best Business Research Papers
Abstract
The paper presents an in-depth look into the complex issue of money laundering in Switzerland. What will be presented are findings pertaining to who is involved or responsible for carrying out, or mitigating money laundering. Particularly, inefficiencies arise in the way the conviction process for money laundering scandals are carried out for big banks such as UBS and HSBCs Swiss subsidiary. Furthermore, Simon Zedek’s Civil-Learning Tool will be used to identify how much social responsibility UBS and HSBC have when money-laundering scandals do occur. The evidence will provide that UBS and HSBC both react in the “denial” stage and deny any wrongdoing to the bitter end. Another comparison between Switzerland and Canada will be made to illustrate that regulating money laundering is difficult to control even in other parts of the world. What will be revealed towards the end of this paper is that the lack of regulation from the Swiss Financial Market Supervisory Authority (FINMA) isn’t the issue. Alternatively, the issue arises in the end process where there is lack of enforcement and control by Swiss law authorities and intelligence agencies in carrying out harsh consequences for money laundering.
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Citation
Fortier, K. (2016). Money laundering in Switzerland. Bachelor of Commerce Best Business Research Papers, 9, 38–49.