Money laundering Council of States responds to international pressure with transparency register
In future, companies should be obliged to disclose their beneficial owners to the authorities. The Council of States is in favor of a corresponding national, non-public transparency register. However, there are doubts about its usefulness.
18.12.2024, 17:45
SDA
On Wednesday, the small chamber approved the Federal Act on the Transparency of Legal Entities and the Identification of Beneficial Owners in the overall vote by 26 votes to 6 with 3 abstentions. Foundations, associations and trustees were previously excluded from registration. The bill now goes to the National Council.
The transparency register should enable law enforcement authorities to better identify who is involved in a company. Committee spokesperson Daniel Jositsch (SP/ZH) described the project as having no alternative due to foreign pressure. At the same time, he made it clear: "We won't really be able to combat money laundering with this."
The Federal Council envisages further measures, in particular due diligence obligations for advisors. The Council of States will not decide on these until next year.
