The Swiss Federal Council has recently announced the launch of a consultation process effective until 29 November 2023 in order to tighten the existing anti-money laundering rules.
The proposed framework particularly focuses on the identification of legal entities, whereby a mandatory federal (transparency) register is set to be introduced containing information on beneficial owners. The non-public register will be coordinated by the Federal Department of Justice and Police (FDJP) and accessible by competent authorities including financial intermediaries. Notwithstanding, a rather simplified procedure will also be put in place for certain legal forms such as sole proprietorships, foundations, associations as well as limited liability companies.
Furthermore, the monetary threshold for due diligence obligations in the context of trade in precious metals and stones will be significantly lowered from CHF 100,000 to CHF 15,000.
An all inclusive obligation for due diligence will also be introduced for cash payments in real estate business irrespective of the monetary amount involved.
By the end of the consultation period the proposal is expected to be presented at the parliament in early 2024.