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Switzerland set to amend anti-money laundering law PTI Updated: Jun 03, Stepping up efforts to curb illicit fund flows, Switzerland plans to amend its anti-money laundering law wherein financial intermediaries will be required to verify information on beneficial owners.
The Alpine nation, known for its banking secrecy practices, has been taking various measures in the fight against black money amid intense global pressure from various countries, including India.
As part of putting in place stringent mechanism to stymie illegal fund flows, the country plans to provision for improving the effectiveness of suspicious activity reporting for money laundering and terrorist financing.
This creates a basis for the existing practice and enshrines case law," the Swiss government said.
Noting that financial intermediaries must regularly check that client data is up to date, the government said the frequency and scope of reviews is based on the degree of risk posed by the contracting party.
According to the statement, issued on June 1, due diligence obligations are to be introduced for certain services which concern the establishment, management or administration of companies and trusts.
Besides, the threshold for cash payments in precious metals and gem trading is to be reduced and an authorisation for the purchase of old precious metals is to be made compulsory, it added.
The proposed bill to amend the anti-money laundering law takes into account certain key recommendations from the Financial Action Task Force FATF mutual evaluation report on Switzerland based on a review conducted in While acknowledging the generally good quality of the Swiss system for combating money laundering and terrorist financing, the report had also identified weaknesses in some areas, as per the statement.
Late last year, India and Switzerland inked a pact for automatic exchange of tax-related information.International business solutions Located in Frankfurt, the Crédit Agricole Group International Business Solutions "Germany and Switzerland" assists Crédit Agricole's mid-cap corporate customers with their international operations, by providing expertise on the local environment as well as by securing access to a wide spectrum of banking.
Switzerland is a signatory to the Convention of International Trade on Endangered Species (Flora and Fauna), the Montreal Protocol on ozone-depleting substances and various agreements relating to non-proliferation of weapons and military equipment including the Wassenaar Agreement, the Nuclear Suppliers Group (NSG), the Missile Technology.
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