CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.

 

Switzerland To Amend Anti-Money Laundering Law

by Ulrika Lomas, Tax-News.com, Brussels
04 June 2018

The Swiss Government is consulting on proposed amendments to the Anti-Money Laundering Act.

The proposed amendments are intended to take into account the most important recommendations from the Financial Action Task Force's (FATF's) 2016 Mutual Evaluation Report on Switzerland. In response to the FATF's report, in June 2017 the Federal Council instructed the Federal Department of Finance to prepare a consultation draft to deal with the recommendations while also reinforcing the integrity of the Swiss financial centre.

The Government has now proposed the following:

  • The introduction of due diligence obligations for certain services which concern the establishment, management, or administration of companies and trusts. Activities for operating companies in Switzerland will be excluded due to their low risk;
  • The introduction of an explicit obligation on financial intermediaries to verify information on beneficial owners and to regularly check that client data is up to date, with the frequency and scope of reviews to be based on the degree of risk posed by the contracting party; and
  • Associations which are at risk of being misused for the financing of terrorism or money laundering – namely, those associations which are mainly involved in collecting or distributing assets abroad for charitable purpose – must be entered in the commercial register.

The consultation draft also contains provisions for improving the effectiveness of the suspicious activity reporting system for money laundering and the financing of terrorism. The threshold for cash payments in precious metals and gem trading is to be reduced, and an authorization for the purchase of old precious metals is to be made compulsory.

The consultation will close on September 21.

 



Treaty Updates by Territory

Latest Treaty Updates

Russia - Belgium
14/8/2018

On August 3, 2018, Russia ratified the protocol to the DTA with Belgium.


Belarus - United Kingdom
14/8/2018

On July 27, 2018, the DTA between Belarus and the United Kingdom entered into force.


Russia - Japan
13/8/2018

On August 3, 2018, Russia ratified its pending DTA with Japan.


Taiwan - Spain
13/8/2018

On July 30, 2018, Taiwan expressed its desire to negotiate a TIEA with Spain.


China - Chile
9/8/2018

On May 29, 2018, China and Chile signed a DTA.


Ecuador - Switzerland
9/8/2018

On August 1, 2018, Ecuador ratified the pending Protocol to the 1994 DTA with Switzerland.


Colombia - Japan
6/8/2018

In a bulletin released on July 30, 2018, Colombia's Ministry of Finance announced that negotiations on the country's prospective DTA with Japan have been concluded.


Kosovo - Austria
6/8/2018

On July 27, 2018, Kosovo ratified the DTA signed with Austria.


Bosnia and Herzegovina - Malta
30/7/2018

According to a Maltese Government press release on 24 July, 2018, officials from Bosnia and Herzegovina and Malta are negotiating a DTA.


Cyprus - United Kingdom
30/7/2018

On July 18, 2018, a DTA between Cyprus and the United Kingdom entered into force.


Brazil - Lithuania
26/7/2018

During a meeting held in Brazil on July 17, 2018, representatives of the Brazilian and Lithuanian governments engaged in negotiations on a prospective DTA between the two countries.


United Kingdom - Belize
26/7/2018

The UK Government on July 23, 2018, published a consolidated version of the twice amended Belize-UK DTA.


United Kingdom - Mauritius
25/7/2018

On July 13, 2018, an amending protocol signed in February between the United Kingdom and Mauritius entered into force.


Finland - Various
25/7/2018

Finland's President on July 13, 2018, approved the signature of a Protocol to the 1996 DTA with the Nordic countries: Finland, Denmark, the Faroe Islands, Iceland, Norway, and Sweden.


India - Armenia
23/7/2018

India's Ministry of Finance published a notification declaring that the protocol signed on January 27, 2016, amending the country's 2003 double tax treaty with Armenia, entered into force on June 14, 2017. The notification was published in the Gazette of India on July 5, 2018.


Vietnam - Algeria
23/7/2018

During a meeting held in Hanoi on July 13, 2018, representatives from Vietnam and Algeria discussed potentially negotiating a DTA.


Maldives - Singapore
23/7/2018

On July 14, 2018, the tax authorities of Maldives and Singapore concluded a first round of negotiations on a prospective DTA.


Kenya - Portugal
18/7/2018

On July 10, 2018, officials from Kenya and Portugal signed a DTA.


San Marino - United Arab Emirates
18/7/2018

On July 11, 2018, San Marino and the United Arab Emirates signed a DTA.


United Arab Emirates - Various
26/6/2018

The UAE's Cabinet on June 13, 2018, approved DTAs signed with Saudi Arabia, Rwanda, and Turkmenistan.


Morocco - Azerbaijan
26/6/2018

A law to ratify the Azerbaijan-Morocco DTA was tabled before Morocco's Cabinet on June 14, 2018.


Qatar - Argentina
26/6/2018

Qatar's Government on June 14, 2018, confirmed that it had completed its domestic ratification procedures in respect of a DTA signed with Argentina.


Ukraine - United Kingdom
26/6/2018

Ukraine's Cabinet on June 6, 2018, approved a law to ratify a DTA Protocol signed with the United Kingdom.


Luxembourg - Vietnam
25/6/2018

Luxembourg and Vietnam agreed to continue negotiations towards a DTA Protocol at a June 15 meeting.


Sweden - Switzerland
25/6/2018

Sweden's Parliament on June 7, 2018, approved an amendment to the country's DTA with Switzerland to clarify the scope of the term pension fund in the agreement.




More Treaty Updates