-Caveat Lector-

Swiss Report Shows Company Links to Russian Crime


Reuters
29-JAN-99

ZURICH (Reuters) - More than 90 Swiss-based companies are suspected of
criminal links to Russian organized crime and federal authorities said Friday
this was just the tip of the iceberg.

A new report by the Swiss federal police said about 150 of 687 Swiss and
foreign nationals linked to Russian organizedcrime were also suspected of
criminal activities.

"The most common offenses are the participation in or support of a criminal
organization, money laundering and fraud," the federal police said in a news
release.

"The activities of criminal organizations focus on the financial sector, which
supports the widely held assumption that organized crime is abusing
Switzerland as a base for financial transactions and money laundering," it
said.

Switzerland's strict banking secrecy laws have sometimes earned it a
reputation as a haven for dirty money, prompting authorities to impose ever
tighter rules against money laundering since the early 1990s.

The police said their report gave an insight into the extent to which Russian
organized crime had gained a foothold in the Alpine state, but said it only
scratched the surface of the problem.

The report "does not give a comprehensive picture of Russian organized crime
in Switzerland, but it is probably just the tip of the iceberg," it said.


Copyright 1999 Reuters Limited.All rights reserved.

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