The Federal Council of Switzerland has proposed new laws aimed at strengthening anti-money laundering (AML) efforts within the country. The proposed laws include several key measures:
- Obligation for Attorneys and Advisers: Attorneys and other advisers will be required to conduct due diligence when providing services related to entity formation and real estate transactions. This due diligence will involve identifying and verifying clients and the beneficial owners of transactions.
- Centralized Register of Beneficial Owners (BO): Switzerland plans to create a centralized, non-public register of beneficial owners of legal entities. This register will be accessible to law enforcement and will help identify the true owners of these entities.
- Registration for Offshore Exchanges: Foreign virtual asset platform operators seeking to operate in Switzerland must register under Swiss company laws and declare compliance with anti-money laundering regulations. This aims to ensure offshore exchanges adhere to local regulations, particularly concerning AML measures.
- Limitations on Operations: Cryptocurrency platforms will not be allowed to engage in operations involving derivative financial products with virtual assets as underlying assets or virtual asset businesses with securities-like characteristics.
- Measures to Strengthen AML and Sanctions Framework: Additional measures will be implemented to strengthen Switzerland’s AML framework, including obligations to prevent the breach or circumvention of sanctions, due diligence requirements for real estate transactions involving cash, and due diligence obligations for cash payments exceeding CHF 15,000 to precious metal traders.
These proposed laws are intended to enhance Switzerland’s efforts to combat money laundering and terrorist financing. The country recognizes the importance of addressing these risks, particularly in the non-financial sector, and aims to create a more robust AML framework.
The proposed laws are open for public input until November 29, 2023, and are expected to be acted upon in 2024. Switzerland’s proactive regulatory stance demonstrates its commitment to safeguarding its financial system and preventing the misuse of legal entities for illicit activities.
By FCCT Editorial Team freeslots dinogame telegram营销
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