Switzerland needs to combat money laundering quickly by setting up a register of beneficial owners of trusts and similar structures, Transparency International says.
The Swiss government tasked the finance ministry last autumn to come up with a draft bill to this effect to be ready by mid-2023 – at which point it would go out to consultation.
In a report published on Wednesday, the Transparency International NGO says the creation of such a list should happen without delay due to new international standards.
The international Financial Action Task Force (FATF) requires transparency when it comes to beneficial ownership of opaque structures such as shell companies and trusts, the NGO said.
As a member of FATF, Switzerland needs to comply with the stricter standards. It is already lagging behind European Union (EU) countries, most of whom already operate such a register, Transparency International says.
The NGO claims that numerous corruption and money laundering cases have shown that criminals have hidden illegal assets behind convoluted structures, shell companies, trusts and other opaque entities in Switzerland.
The current legal situation favours such criminality and make it more difficult to implement sanctions, the group said.
A centralised government register of beneficial ownership would be an essential element in tackling this, but only if it is comprehensive, up-to-date, and open to the public – this last parameter was not planned in the government’s initial idea for a closed register.
Most Read Swiss Abroad
More
The Swiss Alps, a new Eldorado for real estate developers
Should Switzerland take measures to support its struggling industries?
Industrial policies are back in fashion, not only in the United States but also in the EU. Should Switzerland, where various industries are struggling, draw inspiration from such policies?
As a Swiss Abroad, how do you feel about the emergence of more conservative family policies in some US states?
In recent years several US states have adopted more conservative policies on family issues, abortion and education. As a Swiss citizen living there, how do you view this development?
This content was published on
The parents of the young jihadist who left for Syria to join the Islamic State have been given suspended sentences by the Federal Criminal Court.
This content was published on
Felix Lehner, Pamela Rosenkranz and Miroslav Sik have been awarded the Swiss Grand Award for Art/Prix Meret Oppenheim 2025.
Nearly 2% of new Swiss disability insurance claims involve Long Covid
This content was published on
Just under 2% of new claims submitted to the disability insurance between 2021 and 2023 concern people suffering from Long Covid.
This content was published on
The watch industry had to contend with a weakening of its exports last year, which reached a volume of CHF25.9 billion ($28.5 billion).
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.