Tag

Anti-Money-Laundering
US treasury
Minimum substance test under EU shell company directive In December 2021, the European Commission (EC) published its draft Council Directive, amending Directive 2011/16/EU (the Directive) and setting out the rules to prevent the misuse of shell entities for tax purposes. The EC has observed that certain individuals and some businesses direct their income to shell...
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swiss
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...
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MEPs
EU remedies to the inefficiencies of its blacklisting system for tax havens The Members of the European Parliament (MEPs) recently adopted a resolution introducing changes in the system used to draw up the EU list of tax havens, which up to date was “confusing and ineffective”. The 2017’s list of tax havens drawn up by...
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CH+US
US asks Switzerland to disclose FATCA non-compliers’ account details On December 1, the Swiss Fedral Tax Administration (SFTA) acting on behalf of the American Internal Revenue Service (IRS), asked twelve Swiss banks and one fiduciary to provide data on certain of their American account-holders, as required by the Foreign Account Tax Compliance Act (FATCA). The...
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FATF
AML at the centre of FATF’s new exploratory projects The Financial Action Task Force (FATF) has initiated new exploratory projects which will take the form of questionnaires, seeking solutions and best practices in response to the increasing risk of money laundering in the technological sector. The first study is called “Opportunities and Challenges of New...
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      Financial Action Task Force (FATF): Switzerland has strengthened its AML measures   Paris, 13 February 2020 – Since the 2016 assessment of Switzerland’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework. Switzerland has been in an enhanced follow-up process following...
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