SWITZERLAND: Revised money laundering rules formally adopted


In February 2012, the Financial Action Task Force (FATF) published the revised international standards concerning the combating of money laundering and terrorist financing (FATF recommendations). Parliament adapted various laws to these standards with the Federal Act for Implementing the Revised Financial Action Task Force (FATF) Recommendations of 12 December 2014.

Switzerland's federal government has adopted a new anti-money laundering ordinance to take effect on 1 January 2016. The new due diligence obligations and reporting duties for traders set out in the Anti-Money Laundering Ordinance (AMLO) will be fleshed out in the new AMLO. They will be applied when traders accept cash payments of more than CHF 100,000 in the course of trading activities. Moreover, the new legal provisions on the reporting system for financial intermediaries will be implemented by amending the Ordinance on the Money Laundering Reporting Office Switzerland (MROSO). Finally, Parliament also decided to improve transparency in the law on foundations whereby ecclesiastical foundations will now also have to be registered in the commercial register. For ecclesiastical foundations which already exist, the details of this obligation will be specified in greater detail in the Commercial Register Ordinance.

Date: 5 November 2015
Source: Swiss