Money-laundering monitor says Switzerland has work to do

Switzerland has achieved "good results" in fighting money laundering and terrorism financing, but should strengthen its compliance controls, boost scrutiny on the use of cash and share information more with foreign authorities, a leading watchdog said Wednesday.

The Paris-based Financial Action Task Force noted that Switzerland remains a major international financial center, home to 4.1 percent of all global assets under management as of 2014 and represents about one-quarter of all cross-border private banking.

A regular FATF review of Switzerland released Wednesday, the first of its kind since 2005, cited "major initiatives" by the Alpine nation in...