Switzerland eyes stricter anti-money laundering rules
'The reform should contribute significantly to protecting the financial centre from funds of criminal origin, and to strengthening Switzerland as a business location.'
The council said it wants to «reinforce the integrity and competitiveness of Switzerland as a financial and business location» with the introduction of a federal register of beneficial owners, alongside other provisions.
Currently, Switzerland is the only European country without such a register.
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The beneficial owner register will not be public and will be managed by the Federal Department of Justice and Police, while an audit unit from the Federal Department of Finance will carry out checks and issue penalties if or when necessary.
The consultation also set out an expansion of the remit of anti-money laundering rules to certain consultancy activities, including legal advice, which carry «an elevated risk of money laundering», the council said.
Additional measures would include legislation to prevent sanctions under embargo, and significantly lowering the threshold for cash payments in precious metal trading to CHF 15,000 from CHF 100,000 (£89,430). Any payments above the thresholds will be subject to due diligence rules.
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The council's consultation on the bill will be open until 29 November 2023, with a dispatch to the Swiss parliament set for 2024.
The Federal Council added: «The reform should contribute significantly to protecting the financial centre from funds of criminal origin, and to strengthening Switzerland as a business location. The measures are in line with the international standards of the Financial Action Task Force on
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