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Swiss revamp antiquated money laundering, terrorism reporting system

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By Reuters

ZURICH (Reuters) – Switzerland is revamping its system to report suspected money laundering or terrorism financing, the government said on Wednesday, abandoning a 21-year-old system that requires suspicious transactions to be reported by fax or mail.

Switzerland, the world’s largest repository for offshore wealth, last year logged 6,126 suspicious activity reports. But the reporting system, installed in 1998, cannot quickly evaluate such reports and is no longer effective, the government said.

(Reporting by John Miller)