Swiss Federal Council Starts Two Consultations on AML and Enhanced Due Diligence on Tax

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Wednesday, May 1, 2013
Author: 
Bruce Zagaris
Volume: 
29
Issue: 
5
Abstract: 

 On February 27, 2013, the Swiss Federal Council announced two consultations on combating money laundering and on enhanced due diligence requirements for handling tax matters.  The Federal Council intends to implement the revised international recommendations on combating money laundering and terrorist financing.  The enhanced due diligence is intended to prevent Swiss financial intermediaries from accepting untaxed assets.  The Swiss Federal Council has underscored that importance it applies to preserving the integrity of the financial center.[1]