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Switzerland overhauling anti-money laundering rules

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Switzerland overhauling anti-money laundering rules

The Swiss government is seeking to tighten anti-money laundering legislation in the country and has started a public consultation period on a new draft law, finews.com reported.

The new law will require Swiss banks to conduct extensive due diligence before establishing new trusts or other financial vehicles or companies, according to the report. It will also seek verification of the beneficial owners of accounts managed by the lenders. The draft proposal also includes rules for not-for-profit organizations, which means they will also apply to associations such as the global football governing body FIFA, finews.com said.

The move comes amid several international misconduct scandals involving Swiss financial institutions such as the corruption affair around investment fund 1Malaysia Development Bhd.

The Swiss financial regulator Finma is also putting more pressure on banks regarding anti-money laundering requirements and has fined banks such as Banco della Svizzera Italiana and Gazprombank (Schweiz) AG, the Swiss unit of AO Gazprombank. The regulator is looking into the dealings of Swiss group Julius Bär Gruppe AG, according to the report.