Admitting that the Swiss banking system "was used in the past for unacceptable activities in the financial world", Cotti said: "We are committed to block dirty assets in Switzerland."

Swiss banks and the government have been actively engaged in battling organised crime by establishing a comprehensive network of legal standards and self-regulatory measures as a defence.

The Federal Banking Commission, the apex body for financial-sector supervision in Switzerland, has received 74 reports of suspicious activities ever since the new money-laundering law has come into force in July this year, making it clear that the banking system will no longer be a safe haven for dirty money.

The commission has blocked accounts worth Swiss franc 175 million. Eighty per cent of the cases have been reported by banks and 49 cases are, at present, under investigation in the cantons. However, it cannot be ascertained whether any Indian is involved in "suspicious activities".

"Money laundering is the financial result of a crime. We have adopted the toughest regulation in the world. Even banking-secrecy clauses have been lifted to ensure criminal investigations," said Silvia Matile-Steiner, member of the management board of Swiss Bankers' Association.

Switzerland has put in a comprehensive defence network in place, which marks the first step towards fighting money laundering. Agreement on the Swiss banks' code of conduct for exercising due diligence has been revised effective July 1. The salient features of the new set of norms of due diligence relate to: