Reported by: swissinfo.ch

The Swiss government has asked the finance ministry to draft a bill to increase transparency of beneficial owners of legal entities to help tackle financial crime.

The bill should introduce a central register for identifying beneficial owners and new obligations when it comes to risks of financial crime, the government said on Wednesday. The register will be accessible to relevant authorities but not publicly available.

“The Federal Council places great emphasis on combating financial crime and this bill is a further step towards reinforcing the Swiss mechanisms in this regard,” it said. Anonymity of beneficial owners, who ultimately own or control a legal entity, makes it difficult for authorities to identify illegal activities such as tax evasion and money laundering.

Switzerland has been criticised for not doing enough to crack down on Swiss financial advisers who help wealthy and powerful people move their money around the world.

Read full report: https://www.swissinfo.ch/eng/swiss-want-more-transparency-in-fight-against-money-laundering/47975468

Read announcement from Swiss government: https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-90662.html