Report on the Risks of Proliferation Financing
Swiss Confederation
2024-12-09
Introduction
Proliferation financing refers to the provision of funds or financial services to support the development, acquisition, or use of weapons of mass destruction (WMDs) and their delivery systems. It is a serious threat to international peace and security and can have devastating consequences.
Key Findings
The report, commissioned by the Swiss Confederation, examines the risks of proliferation financing and provides recommendations to mitigate these risks. The key findings of the report include:
- High Risk of Proliferation Financing in Switzerland: Switzerland is a major financial center and has a high risk of being used for proliferation financing due to its strong financial secrecy laws and its role as a hub for international trade.
- Increased Use of Cryptocurrencies: Cryptocurrencies, such as Bitcoin, are increasingly being used for proliferation financing due to their anonymity and ease of transfer.
- Weak Due Diligence by Financial Institutions: Financial institutions in Switzerland often lack the necessary expertise and resources to conduct effective due diligence on their clients, which increases the risk of proliferation financing.
- Lack of Coordination Among Government Agencies: There is a lack of coordination among Swiss government agencies responsible for combating proliferation financing, which hinders the effectiveness of efforts to mitigate this threat.
Recommendations
The report makes several recommendations to mitigate the risks of proliferation financing in Switzerland, including:
- Strengthening Financial Secrecy Laws: Amending financial secrecy laws to allow for greater transparency and information sharing in cases related to proliferation financing.
- Regulating Cryptocurrencies: Implementing regulations to prevent the use of cryptocurrencies for proliferation financing.
- Enhancing Due Diligence: Requiring financial institutions to conduct enhanced due diligence on clients that pose a higher risk of proliferation financing.
- Improving Coordination: Establishing a dedicated agency responsible for coordinating efforts to combat proliferation financing and enhancing information sharing among relevant government agencies.
Conclusion
The Swiss Confederation’s report on the risks of proliferation financing highlights the serious threat that this activity poses to international peace and security. The report provides valuable recommendations to mitigate these risks and strengthen Switzerland’s efforts to combat proliferation financing. By implementing these recommendations, Switzerland can play a leading role in preventing the proliferation of WMDs and safeguarding global stability.
Report on the risks of proliferation financing
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