Switzerland's third national money laundering risk report finds risk exposure stable
The Swiss Federal Council was briefed on 14 October 2026 on the third national risk report on money laundering and terrorist financing. The report names organized crime, corruption, and asset and tax crime as the greatest threats.
On 14 October 2026 the Swiss Federal Council was informed about the third national risk report on money laundering and terrorist financing. The report was prepared by KGGT, the interdepartmental coordination group that works against money laundering, terrorist financing and proliferation financing. According to the Federal Council, Switzerland's risk exposure in this area remains stable. The Federal Council says the risks have not changed substantially, but technological progress, geopolitical shifts and regulatory developments have influenced them.
The report finds that the greatest threat comes from organized crime, corruption, and asset and tax crime. The Federal Council says these threats often have an international dimension because Switzerland's financial centre is internationally important and interconnected. The risk of terrorist financing is described as comparatively limited at present. Some sectors carry a particularly high risk, including sectors with high foreign exposure, wide use of new technologies, and areas that were only recently brought under regulation.
The report recommends adequate resources for supervisory and enforcement authorities, better data, and more exchange among the parties involved. It also recommends assessing how well the reporting system, precious metals controls and the new transparency register work, and adjusting them where needed. Regulatory changes already planned on organized crime and on supervisory tools should be pushed ahead.
The report complements the Federal Council's strategy to combat money laundering and terrorist financing, adopted on 20 March 2026. It builds on the earlier national risk analyses from 2015 and 2021.
Why it matters to AML professionals
A national risk assessment sets out which threats and sectors a country considers most exposed, and supervisors expect firms' own risk assessments to reflect it. AML professionals at firms with Swiss business can use the named threats and high-risk sector features to check whether their customer risk ratings and monitoring scenarios point at the right areas.
Red flags in this case
- Funds moving through several jurisdictions with no clear business reason, ending in accounts held for foreign-connected companies
- Customers in sectors that were only recently regulated who cannot explain their controls or source of funds
- Payments linked to public officials or state contracts routed through intermediaries or consultancy agreements
- Large precious metals purchases or sales paid in cash or by third parties
If this landed in your queue
- Compare the customer's country, sector and product profile with the high-risk areas named in the relevant national risk assessment
- Check whether the customer's beneficial owners and connected parties have links to foreign jurisdictions or public functions
- Review whether transaction activity fits the stated business purpose and the expected international footprint
- Escalate and document a suspicious activity report decision if the source of funds cannot be explained
Key terms
- National risk assessment
- A government report that identifies the main money laundering and terrorist financing threats and weak points in a country.
- Transparency register
- A register that records the beneficial owners of legal entities, meaning the real people who own or control them.
- Proliferation financing
- Providing funds or financial services that support the development of weapons of mass destruction.
Interview angle
How should a national risk assessment feed into a firm's own AML risk assessment?
Explain that the firm should map the national threats and high-risk sectors against its own customers, products and geographies, adjust risk ratings and monitoring where they overlap, and record how it considered the national findings.
Sources
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