Swiss parliament finalises bill on new money laundering rules for advisors

Armed with a team of 55, the office can no longer handle the volume of money-laundering reports. Keystone-SDA

In future, due diligence obligations will also apply to lawyers, notaries and other advisors in Switzerland in certain cases in the fight against money laundering. On Wednesday, the Swiss House of Representatives resolved the last difference in the corresponding bill.

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The most recent issue was the threshold above which property transactions should fall under the new due diligence obligations under the Anti-Money Laundering Act. The House swung in the direction of the Senate. The value is now CHF5 million ($6.35 million). The House had initially voted in favour of an upper limit of CHF3 million.

In principle, the two houses of parliament were already in agreement on the bill before the differences were resolved. The aim of the bill is to combat money laundering and terrorist financing more effectively. According to Finance Minister Karin Keller-Sutter, the law should specifically cover two areas with a high risk of money laundering: the structuring of companies and property transactions.

The bill is ready for the final vote.

Adapted from German by DeepL/jdp

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