Switzerland is consulting on AML Ordinance amendments

Switzerland’s federal government has published draft amendments to the Anti-Money Laundering Ordinance (the Ordinance), which aim to implement the measures in the revised Anti-Money Laundering Act (the Act).

The Act introduces most of the Financial Action Task Force’s (FATF’s) 2016 recommendations for Swiss anti-money laundering (AML) reform, including due-diligence and beneficial ownership reporting obligations for financial intermediaries and service providers in connection with companies or trusts.

The 2021 enactment of the Act satisfies some of the FATF’s requirements, even though the Country has limited reporting requirements, with few exemptions for notaries, lawyers and fiduciaries.

Among the novelties of the draft Ordinance:

  • clarifications on controls on precious metals and jewels dealing, with the Central Office for Precious Metal Control being appointed as the AML oversight authority.  Moreover, licensing has been introduced for the purchase of precious metal scrap;
  • new rules for ensuring  the transparency of organisations with a high risk of terrorist financing;
  • Introduction of a register, which will need to be signed by Charitable associations that distribute funds abroad. Such associations will also have to appoint a representative in Switzerland and maintain a list of their members.

Consultation on the draft Ordinance will end on 17 January 2022.

FONTE: www.admin.ch

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