Switzerland’s federal government has formally adopted the anti-money laundering reforms demanded in the Financial Action Task Force’s (FATF’s) 2016 mutual evaluation report, requiring financial intermediaries to comply with customer due-diligence obligations.
Last November, the Swiss government agreed to implement another of FATF’s demands, namely the abolition of bearer shares, despite strong criticism from the country’s financial sector. That decision was influenced by the OECD Global Tax Transparency Forum’s opposition to bearer shares.
Click here to read the entire article on the STEP website.