(12.06.2024) The Swiss government has drafted a bill to enhance corporate transparency. The aim is to establish a federal register that lists all beneficial owners of companies. Submitted to the Federal Assembly, the law is not expected to come into effect until 2026.
Money laundering, terrorism financing, and corruption currently threaten the integrity of the Swiss financial and economic sector. The Federal Council believes measures to combat these illegal activities must be strengthened.
The initial step is to introduce a federal transparency register, mandating companies and other legal entities to disclose all their beneficial owners. Associations and foundations will also be affected but will benefit from a simplified procedure.
The register will enable authorities to identify the individuals behind companies more easily and prevent abuses. It will be managed by the Federal Department of Justice and Police and will not be publicly accessible.
Certain high-risk consulting activities, such as company structuring and real estate transactions, will be subject to due diligence requirements. Lawyers and notaries will have specific conditions to ensure the protection of professional confidentiality.
Additionally, a series of other measures will complement the register and due diligence requirements. For instance, in the precious metals trade, cash payments exceeding 15,000 francs will be subject to stricter due diligence. In the real estate sector, these requirements will apply to all cash payments.
For the companies involved, the process of registering beneficial owners should take no more than 20 minutes in the first year and only a few minutes in the following years.
Last modification 12.06.2024
