Swiss beneficial owner register to tackle money laundering

Switzerland will introduce a federal register to list the beneficial owners of shell companies to combat money laundering. +Get the most important news from Switzerland in your inbox The House of Representatives has backed a draft Bill that had been largely relaxed by the Senate. The issue of legal advisors will be dealt with separately. The Swiss government's plan is designed to prevent criminals from gaining access to the Swiss financial system via opaque companies or letterboxes. In future, companies will have to disclose the identity of their beneficial owners in a federal register. The electronic register, which will not be public, will be maintained by the Federal Department of Justice and Police. The project is based on international standards. Switzerland is currently lagging behind in the fight against economic crime. "In 167 of the 196 countries in the world, information on beneficial owners is available in one form or another", said parliamentarian Nadine Gobet. If ...