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Natural Resources and Money Laundering: Commodity and precious metals deals from the perspective of Swiss money laundering law

Mühlemann, David and Mbiyavanga, Stefan. (2018) Natural Resources and Money Laundering: Commodity and precious metals deals from the perspective of Swiss money laundering law.

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Official URL: https://edoc.unibas.ch/63419/

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Abstract

Two thirds of the world’s metal and energy resources are located in developing countries. This wealth could contribute greatly to the alleviation of poverty. However, it is no secret that poor governmental management and corruption continue to disallow citizens in affected countries to benefit from these natural riches. In the meantime, journalists and whistle-blowers continue to expose suspicious business and tax practices, human rights violations and – in extreme cases – even war crimes in the context of natural resource exploitation. Turning to the other side of the globe, Switzerland has emerged as a premier trading hub for a plethora of commodities; an exposure that is highly lucrative, but at the same time fraught with risks. While – at least on paper – numerous commodities continue to pass through Switzerland, it is therefore somewhat surprising that no commodity trader has been brought to trial in Swiss courts for money laundering to date. In addition, the Swiss government has not been willing to take progressive steps to adequately supervise and regulate the natural resource trade. We argue for (a) law enforcement to be more proactive and pursue cases in court where the evidence is sufficient; (b) Swiss government institutions to require commodity traders to comply with anti-money laundering regulation; (c) Switzerland to recognize its responsibility as a market leader and to advocate for transparency and accountability initiatives in international fora.
Faculties and Departments:02 Faculty of Law > Departement Rechtswissenschaften
02 Faculty of Law > Departement Rechtswissenschaften > Fachbereich Strafrecht > Ordinariat Strafrecht, Strafprozessrecht und Kriminologie (Pieth)
UniBasel Contributors:Mühlemann, David and Mbiyavanga, Stefan
Item Type:Preprint
Publisher:2018 OECD Global Anti-Corruption & Integrity Forum
Number of Pages:16
Note:Publication type according to Uni Basel Research Database: Discussion paper / Internet publication
Language:English
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Last Modified:27 Jul 2018 12:06
Deposited On:18 Jul 2018 07:48

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