During his visit to Switzerland, British Foreign Secretary, David Lammy also discussed cooperation with Swiss government officials regarding illicit funds and money laundering within the framework of the International Anti-Corruption Coordination Centre (IACCC), according to the news agency «Reuters», citing government sources in London.

The coordination centre for combating corruption is tasked with tracking down illicit funds and illegitimate assets that are laundered through financial institutions and structures in the United Kingdom.

Options for Cooperation Are Being Examined

The Swiss Foreign Ministry stated that the country currently holds observer status with the IACCC and has been invited by the United Kingdom to become a full member. «In this context, Switzerland is currently examining various options for its future cooperation with the IACCC. A decision on this has not yet been made,» it added.

Joining the task force would enable the Swiss authorities to exchange information and cooperate more closely with other countries on major investigations into illicit funds.

British minister Lammy told Reuters earlier this week that Switzerland is «an important partner in the fight against illicit financial activity and corruption,» and that is participation in the IACCC would be «invaluable».

More Transparency

Switzerland is the world’s largest manager of offshore wealth. For years, the Swiss financial industry has sought to shed its image as a safe haven for illicit funds. Steps have been taken, for example, to improve transparency in naming the beneficial owners of companies and individuals.

The IACCC task force was established in 2017 and is led by the UK’s National Crime Agency (NCA). It coordinates cooperation and information sharing among law enforcement agencies from currently eight member countries: the United Kingdom, the USA, Australia, Canada, New Zealand, France, the Netherlands, and Singapore. Associated members include 14 countries and territories such as the Cayman Islands, Jersey, Malta, and Mauritius.

In addition to Switzerland, Germany, Japan, Italy, and France also hold observer status. Operationally, the IACCC is supported by Interpol.

1.8 Billion Pounds Identified

Since its founding, the IACCC has identified 1.8 billion pounds in allegedly stolen funds and frozen assets worth 641 million pounds.

Since Russia's full-scale invasion of Ukraine in 2022, the United Kingdom has intensified its efforts to combat illicit financial activity.

According to estimates by the NCA, more than 100 billion pounds are laundered through or within the United Kingdom every year, often via companies registered there.