Key money-laundering monitor says Switzerland has work to do

A monitoring group says 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.

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 "the global leader for cross-border private banking."

A regular FATF review released Wednesday cited "major initiatives" by the Alpine nation in recent years to limit banking secrecy and "proactively combat tax evasion."

But FATF noted the Swiss financial system faces a "high risk" of money laundering associated with assets linked to crimes abroad, and said Switzerland should better examine risks linked to use of cash.