On 11 November, Yahoo Finance Reported that Swiss companies will no longer be able to deduct bribes paid to private individuals from their taxes, according to an update of tax laws due to take effect on 1 January 2022. In 2001, Switzerland banned the deduction of bribes paid by companies to public officials from their taxes. Beyond bribes, costs from financing criminal activities or money paid in return for a crime to be committed will also no longer be tax deductible once the legislation takes effect after next year, the government said. Once the changes take effect, Switzerland said, it will be complying with a recommendation of the FATF on money laundering.
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