The Swiss Parliament aims to strengthen the fight against money laundering somewhat. On Wednesday, MEPs discussed a revision of the law aimed at strengthening the integrity of the Swiss financial centre.

A series of measures had been proposed to address the shortcomings identified by the experts on the issue of financial crime. The draft revision was prepared in response to the recommendations of the Financial Action Task Force (FATF).
However, the revision provides for several reinforcements. Among other things, financial intermediaries will have to verify the identity of the customer, document the service and clarify its background and purpose. They will also have to inform the Money Laundering Reporting Office if they suspect illicit activity.
In particular, notaries, trustees and other tax advisers will not be subject to the Money Laundering Act. The category had been included in the wake of the Panama Papers, which had revealed the offenses of a Panamanian law firm. Faced with the intransigent refusal of the National, the Council of States had agreed to withdraw it from the project.