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Switzerland Enhances Anti-Money Laundering Laws 2024

At its meeting on 22 May 2024, the Federal Council adopted the dispatch on the further development of the anti-money laundering framework to be submitted to Parliament. The aim is to reinforce the integrity and competitiveness of Switzerland as a financial and business location by means of a federal register of beneficial owners and due diligence for particularly risky activities in legal professions, as well as other provisions. The measures are in line with international standards.

2024-05-22 11:45:54
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Quelle: Swiss Federal Council

The Federal Council approved the dispatch on the further development of the anti-money laundering framework to be presented to Parliament on 22 May 2024. The goal is to enhance Switzerland's integrity and competitiveness as a financial and business hub by implementing measures such as a federal register of beneficial owners and due diligence for risky activities in legal professions.

These measures align with international standards and are crucial for combating financial crime and maintaining the reputation of Switzerland's financial center. Money laundering and terrorist financing pose serious threats to the financial system worldwide, with legal entities and trusts often being misused for illicit purposes.

Switzerland, as a major financial center, is vulnerable to these risks, especially in the context of implementing sanctions against Russia. The proposed legislative amendments received positive feedback during the consultation period, although there were concerns expressed by affected professions.

The bill will now be presented to Parliament and is not expected to be enforced before 2026. The measures comply with the international standards set by the Financial Action Task Force and the Global Forum.

For small and medium-sized enterprises (SMEs) in Switzerland, the new regulations will entail a slight additional burden, with most companies only needing around 20 minutes of extra work in the first year and a few minutes in subsequent years to enter their beneficial owners in the federal transparency register..

(Quelle:Swiss Federal Council modified with ChatGPT)

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Switzerland Enhances Anti-Money Laundering Laws 2024