By Sam Tabahriti
LONDON (Reuters) -Switzerland is considering joining a British-led international task force targeting kleptocrats and recovering stolen assets, it said on Tuesday, as it seeks to shake off its reputation as a haven for dirty money.
British foreign minister David Lammy discussed the International Anti-Corruption Coordination with the Swiss government during a visit earlier this month, according to a UK government official, who spoke on the condition of anonymity.
Switzerland’s foreign ministry said the country currently has observer status of the IACCC and had been invited by Britain to become a full member.
“In this context, Switzerland is currently examining various options for its future cooperation with the IACCC. No decision has yet been made on this,” it said in a statement.
Joining the task force would allow Swiss authorities to share intelligence and work more closely with other countries on major investigations targeting dirty money.
Lammy told Reuters earlier this week that Switzerland was “a key partner in the fight against illicit finance and corruption” and its participation in the IACCC would be “invaluable”.
Switzerland, the world’s largest manager of offshore wealth, has tried to shed its image as a safe haven for illicit funds and has recently taken steps to improve transparency, including proposing stricter rules on beneficial ownership.
The IACCC task force was launched in 2017 and is hosted by Britain’s National Crime Agency (NCA). It brings together enforcement bodies from countries including the United States, Australia, Canada and New Zealand to share intelligence and coordinate investigations.
Since it was founded, it says it has identified 1.8 billion pounds in suspected stolen funds, and frozen 641 million pounds of assets.
Britain has ramped up its efforts to tackle illicit finance since Russia’s full-scale invasion of Ukraine in 2022. It has positioned itself as a leader in the global fight against kleptocracy, but still faces its own challenges on that front.
The NCA estimates that over 100 billion pounds ($135.32 billion) is laundered through or within the UK each year, often via British-registered corporate structures.
($1 = 0.7390 pounds)
(Reporting by Sam Tabahriti in LondonAdditional reporting by Dave Graham in ZurichEditing by Frances Kerry and Christina Fincher)
