The Financial Action Task Force (FATF) Recommendations for
Combating Money Laundering were revised in 2012. Swiss legislators
followed with a speedy implementation that entails many important
changes for financial intermediaries and other stakeholders.
New rules under the FATF revision
On an increasingly frequent basis, money laundering and the
financing of terrorism are being combated on the basis of rules
based, in turn, on international standards and recommendations. A
leading role is played here by the Financial Action Task Force
(FATF), of which Switzerland is a member. The recommendations
issued by the FATF (FATF Recommendations) do not represent any
directly applicable law, but rather constitute so-called "soft
law", which must first be implemented into national law. A
failure to implement could result in reputational damages or the
imposition of sanctions by other states. In December 2014,
following a somewhat heated debate, the Federal Parliament reached
a
