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Switzerland toughens law over U.S. criticism
30.08.2023
Swiss authorities have proposed new rules to tighten anti-money laundering legislation.
The announced plan calls for the creation of a federal registry in which companies will have to enter the names of their beneficial owners, making it more difficult for them to hide their assets from police and tax authorities. However, this register would not be public.
The proposals come amid growing criticism from the US, which believes Switzerland is not doing enough to combat the movement of dirty money.
In a statement, the Swiss government said that "increased transparency should allow prosecuting authorities to determine with greater speed and certainty who is really behind a legal structure."
Source: https://www.bloomberg.com/news/articles/2023-08-30/switzerland-weighs-tougher-anti-money-laundering-...
The announced plan calls for the creation of a federal registry in which companies will have to enter the names of their beneficial owners, making it more difficult for them to hide their assets from police and tax authorities. However, this register would not be public.
The proposals come amid growing criticism from the US, which believes Switzerland is not doing enough to combat the movement of dirty money.
In a statement, the Swiss government said that "increased transparency should allow prosecuting authorities to determine with greater speed and certainty who is really behind a legal structure."
Source: https://www.bloomberg.com/news/articles/2023-08-30/switzerland-weighs-tougher-anti-money-laundering-...
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