In three days the winter session will be over. Switzerland has a new Federal President, Karin Keller-Sutter, Maja Riniker (FDP, AG) was elected President of the National Council and Andrea Caroni (FDP, AR) was elected President of the Council of States. The future of the Patrouille Suisse is sealed, as is that of the Wolf. On December 19th, the Council of States will very likely approve an important issue of the SBA, namely closer cooperation with the United Kingdom in the area of financial services. This facilitates mutual market access in various areas, in particular banking and investment services, asset management, insurance and stock exchanges. The SBA campaigned for this – in advance when drawing up the agreement and in the political process.
On December 18, the Council of States will discuss the Federal Law on the Transparency of Legal Entities and the Identification of Beneficial Owners (TJPG). The law provides for the introduction of a federal register to be maintained by the Federal Office of Justice. Companies and other legal entities must register their beneficial owners in this register.
From the SBA’s point of view, it is undisputed that such a register is needed. This is because it gives financial intermediaries an additional source to carry out their due diligence obligations in the best possible way. Such a register also meets international standards. The FATF, responsible for standards for combating money laundering, terrorism and proliferation financing, will, among other things, review the introduction of such a register in its next country review, probably in 2027/28.
But it is also undisputed for the SBA: The Bund – namely the Federal Office of Justice – keeps the register, it has sovereignty over it, therefore is stopped, the accuracy of the information in the register. Financial intermediaries who consult the register as part of their due diligence obligations must be able to rely on this information. The SBA has campaigned for this.
The introduction of the register is an essential part of a two-stage approach to strengthen the fight against money laundering and terrorism. In a second step, the Money Laundering Act (AMLA) is to be revised and due diligence requirements for advisory activities are to be introduced. In other words: Consultants should be subject to the Money Laundering Act when carrying out exposed and risky activities.
The SBA will work to find a viable solution for all those involved, with the aim of closing existing gaps in the fight against money laundering and terrorist financing and taking international requirements into account.
The introduction of the TJPG and the successful revision of the AMLA are crucial for the Swiss financial center: In doing so, we guarantee the integrity of our banks. The SBA will continue to work hard to achieve this in Federal Bern next year.
