Swiss legislators counter government push for stronger anti-money laundering law

Swiss legislators opposed the government’s anti-money laundering law in an attempt to maintain the country’s ￰0￱ lawmakers said the initiative aims to make the country more competitive in global cross-border wealth management, where countries like Singapore and the UAE are gaining ￰1￱ Consulting Group forecasted that Switzerland could lose its crown as the world’s largest wealth management hub as early as this ￰2￱ country intensified its focus on competitiveness after the Trump administration imposed 39% ￰3￱ country’s government said lawmakers began finding ways to strengthen the nation’s economy after the heightened ￰4￱ ￰5￱ AML regulation seeks transparency on countries’ shell companies The Swiss government said at the time that legislators would focus more on regulatory relief for Swiss companies and push back on new rules that incur high business ￰6￱ government said in August that it wants to decisively press ahead with its economic policy agenda and focus on reducing the regulatory burden on ￰7￱ have based the current retaliation on the government’s anti-money laundering drive on competitive grounds, similar to what they used in the debate over proposed new capital rules for Switzerland’s biggest bank, ￰8￱ AML legislation seeks to implement requirements by the Financial Action Task Force, calling for nations to come clean on shell ￰9￱ of the Swiss People’s Party Barbara Steinemann argued that Switzerland tends to implement rules whenever there is foreign pressure on financial ￰10￱ believes the initiative drives up bureaucracy and erodes competitiveness, even as other financial centers hold back.

“This is about a war between financial centers and economic ￰11￱ Americans and other European countries would like to take over our business.” -Barbara Steinemann, Member of the National Council of ￰12￱ country established the OECD’s minimum 15% tax rate for large companies last year and final Basel III banking standards this ￰13￱ are also against the government’s tighter legislation that prevents rogue lawyers, saying that the laws are unnecessary and ￰14￱ politician Simone Giannini argued that the drive for transparency must not lead to ￰15￱ Swiss People’s Party and the centrist party, The Center, also pushed back against a similar anti-money laundering bill five years ￰16￱ June, the Swiss government also excluded non-profit groups, including charities, from a planned transparency register to reveal beneficial ￰17￱ also excluded trust arrangements from the register ￰18￱ Finance Minister Karin Keller-Sutter said trust arrangements are prone to crime and can be used to conceal a client’s ￰19￱ parliament reduces due diligence obligations for advisors The parliament also reduced due diligence obligations for advisors, exempting some lawyers from implementing such ￰20￱ Swiss finance minister stated that the amendments have diluted the range of those lawyers covered by the ￰21￱ Boston Consulting Group revealed that all other major financial centers grew more rapidly in 2024 in percentage terms compared to ￰22￱ to the report, Singapore led with nearly 12% growth in cross-border ￰23￱ company also forecasts that Hong Kong will become the world’s leading booking centre for cross-border wealth in ￰24￱ non-profit firm Tax Justice Network ranks Switzerland second after the ￰25￱ a list of the world’s top financial secrecy ￰26￱ head of the Swiss financial crime unit, Anton Broennimann, said the country must prevent itself from becoming attractive to criminals due to competitive ￰27￱ also welcomes stricter rules for high-risk activities in the financial advisory sector, despite other countries not having any obligations in that ￰28￱ Bybit now and claim a $50 bonus in minutes