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Switzerland Begins To Implement FATF Revisions

Tuesday, April 24, 2012

Switzerland’s Federal Council has recently commenced work on implementing the latest Financial Action Task Force (FATF) recommendations, according to the Swiss Federal Department of Finance (FDF).

The FDF said that the Federal Council has now taken note of and welcomed the revised international recommendations to combat financial crime, and has appointed an inter-departmental working group under the leadership of the finance ministry to draw up recommendations on implementing the FATF revisions together with a consultation draft by the start of 2013.

On February 16, 2012, the FATF approved a partial revision of its standards on combating money laundering, terrorist financing and now also the financing of the proliferation of weapons of mass destruction.

Switzerland, which has been a member of the FATF since it was founded in Paris in 1989, was actively involved in the revisions.

The main changes are as follows:

  • Serious tax crimes will qualify as a predicate offence for money laundering;
  • Clarification of the provisions on determining the beneficial owner of legal entities (in particular of legal entities with bearer shares) and trusts;
  • Additional inclusion of domestic politically-exposed persons (PEPs) in the current recommendations;
  • A new standard on implementing targeted financial sanctions within the scope of UN resolutions to prevent the proliferation of weapons of mass destruction; and
  • Establishment of a risk-based approach as the most efficient instrument for combating financial crime.
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    The Report

    Offshore Trusts Guide: Introduction

    The History of Offshore Trusts
    Development of Professional Competence in the Jurisdictions
    What Future for the Trust?
    The New Age of Transparency
    The Swiss Association of Trust Companies
    The Society of Trusts and Estates Practitioners

    Offshore Trusts Guide: Jurisdictions

    Bahamas

    Bahamas: Legal Framework and Formation Rules and Fees
    Bahamas: 2006 Private Trust Companies Legislation

    Barbados

    Barbados: Legal Framework and Formation Rules and Fees
    Barbados: Supervisory and Licensing Regime and Fees

    Bermuda

    Bermuda: Legal Framework and Formation Rules and Fees
    Bermuda: Supervisory and Licensing Regime and Fees

    British Virgin Islands

    British Virgin Islands: Legal Framework and Formation Rules and Fees
    British Virgin Islands: Special Trusts Act 2003
    British Virgin Islands: The Trustee Act 2003
    British Virgin Islands: :Supervisory and Licensing Regime and Fees
    British Virgin Islands: New Laws on Private Trust Companies
    British Virgin Islands: New Private Trust Company Regulations

    Cayman Islands

    Cayman Islands: Legal Framework and Formation Rules and Fees
    Cayman Islands: Supervisory and Licensing Regime and Fees

    Cook Islands

    Cook Islands: Legal Framework and Formation Rules and Fees
    Cook Islands: Supervisory and Licensing Regime and Fees

    Cyprus

    Cyprus: Legal Framework and Formation Rules and Fees
    Cyprus: Supervision, Licensing and Tax

    Gibraltar

    Gibraltar: Legal Framework and Formation Rules and Fees
    Gibraltar: Legislation, Regulation and Supervision

    Guernsey

    Guernsey: Legal Framework and Formation Rules and Fees
    Guernsey: Trusts Law 2007

    Isle of Man

    Isle of Man: Legal Framework and Formation Rules and Fees
    Isle of Man: Supervisory and Licensing Regime
    Isle of Man: Uses Clients and Tax Treatment

    Jersey

    Jersey: Legal Framework and Formation Rules and Fees
    Jersey: Supervisory and Licensing Regime
    Jersey: Trusts Amendment Act 2006
    Jersey: Foundations

    Liechtenstein

    Liechtenstein: Legal Framework and Formation Rules and Fees
    Liechtenstein: Regulation Supervision and Transparency
    Liechtenstein: Characteristics of Liechtenstein Trusts
    Liechtenstein: Foundations

    Madeira

    Madeira: Legal Framework and Formation Rules and Fees

    Malta

    Malta: Legal Framework and Formation Rules and Fees
    Malta: The Trust and Trustees Act 2004

    Mauritius

    Mauritius: Legal Framework and Formation Rules and Fees
    Mauritius: Characteristics of the 2001 Trusts Act
    Mauritius: Additional Provisions of the 2001 Trusts Act
    Mauritius: Tax Treatment

    Monaco

    Monaco: Legal Framework and Formation Rules and Fees

    Nevis

    Nevis: Legal Framework and Formation Rules and Fees

    Panama

    Panama: Legal Framework and Formation Rules and Fees
    Panama: Requirements for Acting as Trust Company in Panama

    Seychelles

    Seychelles: Legal Framework and Formation Rules and Fees

    Turks & Caicos

    Turks & Caicos: Legal Framework and Formation Rules and Fees
    Turks & Caicos: The Voidable Dispositions Ordinance

    Vanuatu

    Vanuatu Legal Framework and Formation Rules and Fees




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