CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Switzerland To Amend Anti-Money Laundering Law

Switzerland To Amend Anti-Money Laundering Law

by Ulrika Lomas, Tax-News.com, Brussels

04 June 2018


The Swiss Government is consulting on proposed amendments to the Anti-Money Laundering Act.

The proposed amendments are intended to take into account the most important recommendations from the Financial Action Task Force's (FATF's) 2016 Mutual Evaluation Report on Switzerland. In response to the FATF's report, in June 2017 the Federal Council instructed the Federal Department of Finance to prepare a consultation draft to deal with the recommendations while also reinforcing the integrity of the Swiss financial centre.

The Government has now proposed the following:

  • The introduction of due diligence obligations for certain services which concern the establishment, management, or administration of companies and trusts. Activities for operating companies in Switzerland will be excluded due to their low risk;
  • The introduction of an explicit obligation on financial intermediaries to verify information on beneficial owners and to regularly check that client data is up to date, with the frequency and scope of reviews to be based on the degree of risk posed by the contracting party; and
  • Associations which are at risk of being misused for the financing of terrorism or money laundering – namely, those associations which are mainly involved in collecting or distributing assets abroad for charitable purpose – must be entered in the commercial register.

The consultation draft also contains provisions for improving the effectiveness of the suspicious activity reporting system for money laundering and the financing of terrorism. The threshold for cash payments in precious metals and gem trading is to be reduced, and an authorization for the purchase of old precious metals is to be made compulsory.

The consultation will close on September 21.

TAGS: compliance | tax | tax compliance | tax avoidance | financial services | trusts | Switzerland | services | Tax | Tax Evasion

To see today's news, click here.

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 











Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »