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Introduction: The Swiss Association of Trust CompaniesThe Swiss Association of Trust Companies was officially launched in September, 2007, in Zurich and Geneva, in a bid 'to encourage the professional and ethical development of an industry in full expansion in Switzerland'. The trust business is witnessing rapid growth in Switzerland, having more than doubled in size over the past five years. In 2007, as previously stated, Switzerland ratified the Hague Convention on the Law Applicable to Trusts and their Recognition. The primary objective of the association was to encourage the growth of the trust industry while upholding a high standard of quality, integrity, and professionalism. SATC has already enacted its bylaws and a code of ethics and conduct that members undertake to observe. It also aims to encourage the federal bodies to develop a set of specific rules applicable to trust companies that complements the existing regulations under the Swiss anti-money laundering regulations, drawing inspiration from SATC’s professional qualification criteria for membership and from the principles contained in its code of ethics and conduct. SATC will therefore also act as a partner for dialogue with the Swiss government.
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