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 Switzerland does not follow the Financial Action Task Force (FATF) recommendations, it risks ending up on a grey list.
In the overall vote, the bill passed by 117 votes to 63. The bill now goes back to the Senate to iron out differences.
More
More
EU removes Switzerland from tax haven lists
This content was published on
Switzerland has acknowledged the fact that the EU will remove the country from its grey list for tax havens.
We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.
Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.
If you have any questions about how we work, write to us at english@swissinfo.ch
Popular Stories
More
Swiss oddities
Mennonite movement turns 500 in Zurich, where it all began
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
Zurich laboratory finds intestinal bacteria in coffee machines
This content was published on
Last year, the Zurich Cantonal Laboratory found defects in one in four samples of milk drinks from coffee machines. Too many intestinal bacteria were found in a number of samples.
SWISS Belgrade-Zurich flight forced to land in Germany
This content was published on
Swiss flight LX1413 from Belgrade to Zurich had to make an unscheduled landing today in Friedrichshafen, southern Germany.
New Swiss 3D simulation tool offers better landslide forecasting
This content was published on
A new 3D simulation tool is enabling much more accurate avalanche forecasts. The model, which proved its worth during the landslides in Brienz (GR) and Blatten (VS), could lead to more effective management of alpine risks.
Alleged leader of Kosovar terrorist group indicted in Switzerland
This content was published on
The Office of the Attorney General of Switzerland has brought charges against a Kosovar on suspicion of being the leader of the Swiss branch of a Kosovar terrorist organisation. He is also suspected of having been active in the management of the organisation in Kosovo.
Swiss glacier lake drains without causing flooding damage
This content was published on
The Faverges glacial lake on the Plaine Morte above Lenk in the Bernese Oberland drained over the weekend. There was no flooding or damage, the authorities announced on Monday.
Chihuahua leads Swiss rescue team to owner stuck in a crevasse
This content was published on
A Chihuahua helped to rescue a man on the Fee Glacier above Saas-Fee VS on Friday. It alerted a rescue team to its owner who had fallen into a crevasse.
Swiss bosses distance themselves from the United States
This content was published on
According to a survey of managers, Swiss companies are increasingly turning away from the USA and orientating themselves more towards Southeast Asia and the EU. This is the result of a recent survey.
This content was published on
The Fête de l'Epouvantail (scarecrow festival) is celebrating its 30th anniversary and returns to Denens in canton Vaud for its seventh edition from July 10-20.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.