Swiss Cabinet Approves Anti-Money Laundering Law

On June 17, 1996, the Swiss cabinet approved a draft law to combat money laundering, including a provision requiring financial managers to report suspicious transactions. If adopted by the Swiss parliament, the draft law would require all money managers to maintain a paper trail on accounts and permit the freezing of assets pending an investigation. An important change under the legislation would be in the law requiring the identification and reporting of suspicious accounts and transactions...(more)