SWITZERLAND: PARLIAMENT AGREES MODEST TIGHTENING OF AML LAW

On 10 March, Swissinfo reported that lawmakers have agreed to revise the money laundering law but have rejected new rules for lawyers, notaries and other consultants.  Financial intermediaries be required to verify the identity of customers, record which services have been provided to them, and clarify their background and purpose.  Associations that collect or distribute funds abroad for charitable purposes will also be required to be more transparent.  Banks will also be obliged to inform the Money Laundering Reporting Office Switzerland (MLROS) when they have any “well-founded suspicion” of criminal funds.

https://www.swissinfo.ch/eng/parliament-agrees-modest-tightening-of-anti-money-laundering-law/46435970

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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