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Swiss Laws tighten money laundering.

 

 

SONY DSCIn December 2014, the Swiss parliament—giving in to international pressure—passed new laws to tighten its anti-money-laundering regulations, most prominently the freezing of assets in Swiss bank accounts. The new laws a) increased watch over politicians and officials such as those arrested in the FIFA scandal, by defining them as PEP—Politically Exposed Persons , b) on money laundering will consider serious tax offences as a predicate offence to money laundering, ending the distinction between tax fraud and tax evasion for which Switzerland has been strongly criticized and c)  starting 2016, the new laws  will cap cash transactions at 100,00 CHF ($104,000), a regulation that targets the art market (though this limit is well above the European Union’s, set at €7,500, and the U.S.’s,  set at $10,000 for cultural property). READ ARTICLE HERE