Monday, June 4, 2018
The Swiss Government is consulting on proposed amendments to the Anti-Money Laundering Act.
The proposed amendments are intended to take into account the most important recommendations from the Financial Action Task Force's (FATF's) 2016 Mutual Evaluation Report on Switzerland. In response to the FATF's report, in June 2017 the Federal Council instructed the Federal Department of Finance to prepare a consultation draft to deal with the recommendations while also reinforcing the integrity of the Swiss financial centre.
The Government has now proposed the following:
The consultation draft also contains provisions for improving the effectiveness of the suspicious activity reporting system for money laundering and the financing of terrorism. The threshold for cash payments in precious metals and gem trading is to be reduced, and an authorization for the purchase of old precious metals is to be made compulsory.
The consultation will close on September 21.