Prager Dreifuss lawyers discuss how the Global Forum Act
targets beneficial ownership transparency.
1 MINUTE READ
Mark Meili and Manuel Vogler of Prager Dreifuss outline the
effects of the new Swiss rules on the disclosure of beneficial
owners and the related restrictions on Swiss bearer shares. This
article focuses on the Swiss implementation of the recommendations
of the Global Forum Act. The authors outline what steps companies
and holders of shares, in particular bearer shares, need to take by
a certain deadline in order to comply with the new rules, and what
sanctions may be expected in cases of noncompliance.
The Financial Action Task Force (FATF), headquartered at the
OECD in Paris, is regarded as one of the leading international
bodies for combating money laundering and terrorist financing. It
regularly reviews its members' national regulations as to the
status of the implementation of its 40 recommendations, so too in
Switzerland. As a result of FATF's
