Switzerland is planning to amend its anti-money laundering laws to ensure that financial intermediaries would be re quired to verify information on beneficial owners. The country, known for its banking secrecy practices, has been taking various measures in the fight against black money amid intense global pressure from various countries, including India. The Swiss Federal Council has now initiated the consultation process for amendments to the country’s anti-money laundering law. As part of putting in place stringent mechanism to stymie illegal fund flows, the country plans to have provision for improving the effectiveness of suspicious activity reporting for money laundering and terrorist financing. The Swiss government said the frequency and scope of reviews is based on the degree of risk posed by the contracting party.
