Facing demands from India and other countries for banking details of persons with alleged black money in Switzerland, European nation has proposed new rules for combating money laundering and mandating extra due diligence by banks before accepting clients’ money.
Switzerland’s Federal Council has proposed these norms would be put through an extensive consultation process till 15 June. The proposals come within days of Switzerland promising deepening of dialogue with India on administrative assistance and exchange of information about suspected illicit wealth stashed by Indians in the Swiss banks. At the same time, Switzerland’s Finance Ministry has also made it clear that it would not entertain any banking information requests that are based on stolen or illegally obtained account details. Federal Council said it has adopted two consultation drafts - one for implementation of the revised international recommendations on combating money laundering and terrorist financing, and the second for putting in place and extended due diligence requirements should prevent untaxed assets from being accepted by financial intermediaries in Switzerland.
Switzerland’s Federal Council has proposed these norms would be put through an extensive consultation process till 15 June. The proposals come within days of Switzerland promising deepening of dialogue with India on administrative assistance and exchange of information about suspected illicit wealth stashed by Indians in the Swiss banks. At the same time, Switzerland’s Finance Ministry has also made it clear that it would not entertain any banking information requests that are based on stolen or illegally obtained account details. Federal Council said it has adopted two consultation drafts - one for implementation of the revised international recommendations on combating money laundering and terrorist financing, and the second for putting in place and extended due diligence requirements should prevent untaxed assets from being accepted by financial intermediaries in Switzerland.