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Information collection, sharing, availability

We commit to fully implementing the FATF standards on transparency and beneficial ownership of legal persons and arrangements and have taken legislative measures to this effect which entered into force on 1 January 2016.

Country: Switzerland

Status: ongoing

Themes: Beneficial ownership

Last updated: April 2020

Classification:

Concrete: Concrete | New: Not New | Ambitious: Somewhat Ambitious

  • 4 Evidence:

    Federal Council brings Federal Act on Implementation of Recommendations of Global Forum into force

    Guidance on Federal Act on Implementation of Recommendations of Global Forum

    OECD Report Switzerland December 2018

    FATF mutual evaluation report December 2016

  • 4 Notes:

    New developments: On 1 November 2019, the federal Law on the implementation of the recommendations of the Global Forum entered into force ; this law introduced new criminal sanctions regarding maintaining BO registers as well as the abolition of bearer shares.

    Updated: April 30, 2020

    As stated in the OECD report, December 2018, pg.36 :"Over recent years, Switzerland has taken measures to increase transparency in relation to legal persons: 63 companies must hold a register of their shareholders/partners and their beneficial owners, including companies with bearer shares. ....The criminal prosecution authorities (OAG and cantonal Offices of the Attorneys General, police), the MROS and the FINMA claim to have the necessary powers to gain access to basic information and information, on beneficial owners, including of domiciliary companies. The Swiss authorities state that this information can be obtained at any time and within a reasonable time frame, however there is no guarantee that the information supplied is accurate or up to date."

    Peer reviewer: 1

    Updated: October 30, 2019

    FATF mutual evaluation report December 2016: "Switzerland has adopted measures during recent years intended to reinforce the transparency of legal persons: companies must maintain a register of their shareholders/ partners and their beneficial owners, including for companies with bearer shares." "The measures applicable to small associations appear to be insufficient. "the dissuasive character of the applicable sanctions appears to be insufficient, since there are no sanctions of a criminal or administrative nature in the case of shortcomings regarding the reporting obligations. "Switzerland is largely compliant with rec. 24 and 25".

    Peer reviewer: 1

    Updated: June 30, 2018

Switzerland's Commitments
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