Next steps for enhanced due diligence requirements to prevent acceptance of untaxed assets

Bern, 29.11.2013 - Banks and other financial intermediaries will have to comply with enhanced due diligence requirements when accepting assets in order to prevent the inflow of untaxed assets. Based on the Federal Council's resolution of today, the new requirements are to be discussed in coordination with the conclusion of possible agreements on the automatic exchange of information between Switzerland and its main partner countries.

The extended due diligence requirements are the result of the Federal Council's financial market strategy and serve to ensure a tax-compliant financial centre. They are to supplement the existing due diligence requirements to prevent money laundering.

The Federal Council reckons that an internationally recognised standard for the automatic exchange of information (AEI) will exist in the foreseeable future, which would enable Switzerland to conclude the agreements necessary for implementation with important partner states. Enhanced due diligence requirements should apply additionally for those states with which no such agreement exists. This procedure makes it possible to coordinate these requirements with the implementation of an AEI.

The Federal Council has instructed the FDF to submit a proposal on the structure of the extended due diligence requirements to it when agreements on an AEI in accordance with the international standard can be concluded with the main partner states or if it has been established that no AEI agreement can be concluded in the foreseeable future.


Address for enquiries

Daniel Saameli, Media Spokesperson FDF
Tel. 031 324 14 07, daniel.saameli@gs-efd.admin.ch



Publisher

The Federal Council
https://www.admin.ch/gov/en/start.html

Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html

Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html

Last modification 03.10.2018

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