Switzerland transposes the Revised Financial Action Task Force recommendations: new transparency rules for shareholders of Swiss companies and financial intermediaries

New transparency rules for shareholders of Swiss companies and financial intermediaries

On 12 December 2014, the Swiss Federal Chambers adopted the new Federal Act for implementing the Revised Financial Action Task Force (FATF) Recommendations. This legislative package introduces significant amendments and new rules through several existing Swiss laws in the following areas:

• the transparency of Swiss corporations and bearer shares;
• new identification duties for Swiss financial intermediaries;
• extension of the regime applicable to a politically exposed person (PEP);
• introduction under Swiss law of the tax crime offence as a predicate for money laundering;
• new obligations imposed on ‘dealers’ accepting cash payments for the purchase of movable and immovable assets in excess of CHF100,000;
• improvement of the communication system with the Swiss Money Laundering Reporting Office (MROS); and
• codification of the existing practice regarding the exchange of information on targeted financial sanctions connected with terrorism.