– ITU-Reporter

FEDERAL COUNCIL bid to strengthen the anti-money laundering framework in Switzerland aims to boost due diligence standards for certain consultancy activities, to better dig down to the beneficial owners of organizations, and to better prevent circumvention of sanctions under embargo legislation, a press release said.

Published Sept. 11, 2023 – Vol. 14 No. 32 — World Radiocommunication Week

 

Embargo Legislation

 

Beneficial Owners, Sanctions Enforcement Eyeballed in Proposed Regulation

 

The Swiss Federal Department of Justice and Police will introduce a non-public register “in which companies and other legal entities in Switzerland will have to be entered, together with information on their beneficial owners,” an Aug. 30 press release said.  The bid aims to help authorities to better and more quickly identify the beneficiaries behind a legal structure, it said.  The draft measures are in line with international standards, it said.  The timeline calls for consideration of the proposed legislation by the Swiss Parliament in 2024.

Proposed measures aim to prevent circumvention of sanctions under embargo legislation, the press release said.  Cash payments above a lower SFr. 15,000 limit will be subject to due diligence, it said.  The previous limit had been SFr. 100,000.  All-cash payments in real estate will be subject to anti-money laundering due diligence rules whatever the monetary amount, it said. 

 Due diligence rules will apply to consultancy activities that carry an elevated risk of money laundering, the press release said.  It also described caveats and scrutiny of certain legal representation activities.  Limited liability companies, sole proprietorships and certain other organizations will have an expedited registration process.