On 14 October 2026, the Swiss Federal Council published Switzerland’s third National Risk Assessment (NRA) on money laundering and terrorist financing. The report concludes that Switzerland’s overall risk exposure remains largely stable, although technological developments, geopolitical changes and regulatory reforms continue to shape the risk landscape. According to the report, the main money laundering threats remain organised crime, corruption, property-related offences and tax crime. Switzerland’s internationally connected financial centre remains particularly exposed to cross-border criminal activities, while the overall threat of terrorist financing is considered comparatively limited.

The report assesses the residual risks across 25 sectors. High-risk sectors include private banking, crypto banks, fintech institutions, virtual asset service providers, trustees, money transmitters, legal and fiduciary services, and real estate. The growing use of crypto-assets and the international orientation of certain business activities are identified as important risk factors.

To strengthen Switzerland’s anti-money laundering framework, the report recommends improving resources for supervisory and enforcement authorities, enhancing data collection and intensifying cooperation between public and private stakeholders. It also calls for ongoing assessments of the new beneficial ownership transparency register and the rules applicable to advisers, as well as a review of the suspicious transaction reporting system and precious metals regulation. Further legislative measures to combat organised crime and strengthen FINMA’s enforcement powers should also be pursued.

The findings complement the national strategy against money laundering and terrorist financing adopted on 20 March 2026 and builds on the national risk analyses from 2015 and 2021. The Federal Council indicated that they will serve as a basis for further regulatory and supervisory developments, with particular emphasis on the effectiveness of existing controls and a risk-based approach to supervision.