This paper examines how the Wolfsberg Anti-Money Laundering Principles came into being. It charts their subsequent development and also looks at what the Wolfsberg Group of banks may tackle in the future.

In many countries, criminal investigations are primarily directed towards the investigation of the underlying criminality. It is still comparatively rare for investigators, as a routine part of the investigation of major proceeds-generating offences, to “follow the money”. To trace money and property successfully, the investigator must be equipped to uncover and identify ownership interests often camouflaged by changes in the form and nature of the ownership.

Development efforts will remain frustrated so long as corrupt leaders continue to steal their countries' wealth and dispose of these ill-gotten gains in foreign jurisdictions. The prevention of such looting, and the recovery of the stolen assets are thus critical development issues and a cornerstone of the United Nations Convention against Corruption (2003) (UNCAC). However, to date experience with asset recovery is limited, and a number of legal and other obstacles continue to impede progress.

Switzerland is frequently accused of being reluctant to take thorough measures to fight money laundering. Both the Swiss authorities and the banks in Switzerland strongly reject such accusations. We are convinced that our anti-money laundering measures are best market practice.