Switzerland eyes stricter anti-money laundering rules

Beneficial owner register

Switzerland’s Federal Council has launched a consultation aimed at strengthening the country’s anti-money laundering framework.

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. FCA takes data-led approach to help cut financial crime 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 nece...