MROS Reports on Suspicious Financial Transactions in Banking Sector sets Record
April 17, 2007, the Money Laundering Reporting Office Switzerland (MROS) published a press release to inform that it received fewer reports on suspicious transactions in 2006 than in 2005. However, the quality of reports improved. Despite the decreasing overall number of reports, reports on suspicious financial transactions from the banking sector reached a record high in 2006.
In 2006, 619 reports on suspicious financial transactions were submitted to MROS – the number of reports decreased 15.1%, as compared with 2005. On Tuesday, the 9th MROS Annual Report 2006 which includes this data was published.
The payment transaction services sector accounted for a high share of 26.5% of the total reports in 2006. The quality of reports improved, and more reports forwarded to the authorities for further handling. In 2006 just 15% of the cases forwarded were dismissed, as opposed to 34% in 2005.
In general, suspicious-transaction reports in 2006 were of quite good quality, accordingly, 82% of reports were passed on to the authorities for further investigation.
The Money Laundering Reporting Office Switzerland (MROS), agency at the Federal Office of Police, is Switzerland’s central money laundering office, which serves as a relay and filtration point between financial intermediaries and law enforcement agencies. In accordance with the Money Laundering Act, it is responsible for receiving and analyzing suspicious activity reports related with money laundering. If necessary, MROS forwards reports to law enforcement agencies.
MROS also deals with publishing annual statistics on developments in anti-money laundering, counter-terrorist financing and fighting organized crime in Switzerland.
The Reporting Office is a member of the Egmont Group combating money laundering and terrorist financing.