Switzerland must introduce a federal register of beneficial owners to combat money laundering. The Council of States supported this Federal Council project on Wednesday. But he wants to resolve the question of legal advisors in a second step.
Companies will have to announce 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 in this area. Swiss banks need this regulation, said Finance Minister Karin Keller-Sutter. Corporations around the world are being abused by criminals. With its major financial center, Switzerland is not spared.
Doubts about effectiveness
Several speakers doubted the effectiveness of such a measure. Bureaucracy risks increasing, and not necessarily with a clear effect, but the international pressure is strong, recognized Daniel Jositsch (PS/ZH) on behalf of the committee. The SVP tried to return the entire project, but failed by 30 votes to 7.
The Council of States has decided to exclude foundations and associations from the scope of application, and thus exempt them from the obligations to register in the register. The left and the Federal Council feared a gap in the law, but did not succeed.
Access to the registry
Access to the register will be reserved for the police, criminal and administrative authorities of the Confederation and the cantons as part of the fight against money laundering. The Chamber of Cantons has decided that the social insurance executive bodies will also have access to it, in order to fight more effectively against insurance fraud.
Financial intermediaries will also be able to consult the register data online, to the extent that this data is necessary for the fulfillment of their obligations. The private economy has requested this access, and it is strictly regulated, Karin Keller-Sutter clarified in the face of skeptics.
The left has failed to give NGOs and the media the right to consult the register. Money laundering scandals are often made public by the press or NGOs, argued Carlo Sommaruga (PS/GE). The proposal was defeated by 27 votes to 10.
Lawyers to see later
Lawyers and notaries are also affected by this tightening of rules. The Federal Council intends to subject consulting activities, particularly legal ones, which present a high risk of money laundering, to the due diligence obligations under money laundering legislation.
But the Chamber of Cantons, against the advice of the Federal Council and the left, intends to resolve this aspect later in another project. She fears a disproportionate workload for counsel, and doubts that they are compatible with the professional secrecy of lawyers.
The file goes to National.
This article was automatically published. Source: ats
