Jul 08 2009 Direct News
Switzerland has signed an agreement with the International Monetary Fund that will see the country contribute $5m (£3.1m) towards the body's trust fund for anti-money laundering and combating the financing of terrorism. The accord was signed by IMF deputy managing director Murilo Portugal and the head of economic cooperation and development at Switzerland's State Secretariat for Economic Affairs, Beatrice Maser Mallor, in Zurich yesterday.
Portugal said Switzerland's contribution would help to improve the robustness of national AML/CFT regimes, which are an "important pillar of the international regulatory and supervisory system".
The IMF trust fund was established in May to provide $31m over five years for the strengthening of AML/CFT systems around the world. Switzerland, France, Norway, Japan, Saudi Arabia, the United Kingdom, Luxembourg and South Korea are expected to provide around two-thirds of its financing.
The IMF said that demand for its technical assistance has been on the rise since the advent of the global economic downturn as more countries look to strengthen their financial institutions.
