Switzerland actions non-public beneficial ownership register in AML upgrade plan

The Swiss government is forging ahead with a non-public beneficial ownership database and strengthening its overall anti-money laundering framework in a consultation which the Federal Council launched yesterday (30 August).  At its meeting on 30 August 2023, the Federal Council said the aim was "to reinforce the integrity and competitiveness of Switzerland as a financial and business location with a federal register of beneficial owners, due diligence for particularly risky activities in legal professions, as well as other provisions. The measures are in line with international standards...