Swiss to crack down on money laundering


Swiss banks will in future have to refuse money from clients if they suspect that it has not been taxed, under proposals put forward by the government as part of measures to preserve the country’s “integrity” as a financial centre.

Also, people wanting to purchase real estate or luxury goods will not be able to put down more than CHF100,000 ($107,400) in cash, with the remainder of the transaction being carried out by financial intermediaries who are subject to the law on money laundering.

Switzerland is under pressure to act from the Financial Action Task Force, an inter-governmental body, which sets the international standards in combating money laundering.

The two measures are part of a series announced by the government on Wednesday. The proposed measures are now being submitted to interested parties for their comments, which must be provided by June 15.
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Related news link: Swiss to Ban Big Cash Purchases to Curb Money Laundering