13/06/25

SWITZERLAND: Swiss beneficial owner register to tackle money laundering

As published on: swissinfo.ch, Friday 13 June, 2025.

Switzerland will introduce a federal register to list the beneficial owners of shell companies to combat money laundering.

The House of Representatives has backed a draft Bill that had been largely relaxed by the Senate. The issue of legal advisors will be dealt with separately.

The Swiss government’s plan is designed to prevent criminals from gaining access to the Swiss financial system via opaque companies or letterboxes.

In future, companies will have to disclose the identity of their beneficial owners in a federal register. The electronic register, which will not be public, will be maintained by the Federal Department of Justice and Police. The project is based on international standards.

Switzerland is currently lagging behind in the fight against economic crime. “In 167 of the 196 countries in the world, information on beneficial owners is available in one form or another”, said parliamentarian Nadine Gobet.

If Switzerland does not follow the Financial Action Task Force (FATF) recommendations, it risks ending up on a grey list.

In the overall vote, the bill passed by 117 votes to 63. The bill now goes back to the Senate to iron out differences.

Tags

Switzerland Beneficial ownership register Money Laundering