Frozen Bank Account & Frozen Assets

“Discover: Practical Insider-Analysis on Facts & Figures with Real Life Case Studies”

According to the last annual report by the Money Laundering Reporting Office of Switzerland (MROS) published in April 2017, 2,909 suspicious activity reports concerning suspected money laundering were lodged with the authority in the reporting year 2016. Each single one of these 2,909 reports caused at least one bank account to be frozen due to suspicious activity. But in the cast majority of cases, the report causes dozens of bank accounts to be frozen under an account freeze order. The freezing of a single isolated account is the exception rather than the rule. But there are also other types of frozen assets in addition to bank accounts, such as registering a caveat on the title of a property, which makes it impossible to sell the property to a bona fide buyer.

These record-breaking 2,909 suspicious activity reports leave no doubt that the fight against money laundering is yielding results, that it is picking up efficiency and that the authorities are relentless in its pursuit. The number of reports is expected to rise even further, adding to the exponential increase in the number of accounts affected by an account freezing order.

This record number of reports has resulted in accounts worth CHF 5,320,801,413 being locked down during the reporting year. Of all these cases, a mere 47.3% were referred to the Swiss public prosecutor for further action, while 34.5% were not referred for prosecution and 18.2% are pending with the reporting office.

Overview: Official Statistics for 2016 published by the Money Laundering Reporting Office Switzerland (MROS)