Reported by Sam Jones

Switzerland has proposed sweeping measures to clamp down on money laundering in an effort to shed the country’s reputation as a haven for ill-gotten gains.

Finance minister Karin Keller-Sutter unveiled reforms on Wednesday to increase transparency and close legal loopholes by requiring the ultimate “beneficial owners” of trusts and companies to be declared. 

At present Switzerland is the only European country not to have such a national register of ownership. 

Critics say the country’s existing regime has been abused by oligarchs and criminals around the world to disguise asset ownership using Swiss institutions and expertise.

“A robust system to protect against financial crime is essential to the reputation and lasting success of an internationally significant, secure and forward-looking financial centre,” Keller-Sutter said. “Money laundering harms the economy and jeopardises confidence in the financial system.”

Keller-Sutter said Switzerland had a good reputation internationally for upholding financial standards but acknowledged there were “gaps”. 

Switzerland has come under particular international pressure in recent months to tighten up its financial controls as a result of Russia’s full-scale invasion of Ukraine. 

Read full report: https://www.ft.com/content/df844f3a-a2f3-44f3-a16a-c525ad86d170