Switzerland Takes Steps to Enhance Compliance with Anti-Terrorism Financing Laws
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The Swiss Federal Council has launched a consultation on amendments to its anti-money laundering ordinances, aimed at strengthening the country’s financial centre and ensuring compliance with international standards. The proposed changes aim to provide more detail on measures introduced by the revised Anti-Money Laundering Act, which was approved by Parliament in March.
Proposed Changes
The new measures are designed to combat money laundering and terrorist financing, and include:
- Requirements for a more robust reporting system
- Licensing of precious metal scrap purchases
- Increased transparency from associations deemed high-risk for terrorist financing
The Federal Council is also proposing amendments to other related ordinances, including:
- Commercial Register
- Precious Metals Control
- Fees for Precious Metal Control
Consultation Period
The consultation period runs until January 17, 2022, and aims to gather feedback from stakeholders on the proposed changes. This move comes after Switzerland’s revised Anti-Money Laundering Act was implemented in response to recommendations from the Financial Action Task Force (FATF) following a mutual evaluation report in 2016.
Importance of the Initiative
The Federal Council’s initiative is seen as an important step towards enhancing Switzerland’s reputation as a global financial hub, while also demonstrating its commitment to combating terrorism and money laundering. The consultation period provides an opportunity for stakeholders to engage with the proposed changes and help shape the future of anti-terrorism financing laws in Switzerland.
Contact Information
For more information or to provide feedback on the proposed changes, please contact:
- State Secretariat for International Finance (SIF)
- Tel: +41 58 462 46 16
- Email: info@sif.admin.ch