|Still the world's preferred destination for dirty money|
The new due diligence requirements proposed by the committee are:
(1) Identification of Beneficial Owner and Counter-parties.
(2) creating and maintaining a written record of all such transactions.
(3) Details of all unusual transactions shall be clearly stated.
Conferees are also grappling with issues involving Beneficial Ownership, Politically Exposed Persons (PEPs), and the creation of a new tax crime involving evasion, among other important reforms, but will any real reform ever be enacted, so long as $2Tr sits in Swiss banks ? That's the question many observers are asking. Whether Switzerland is to be "blacklisted" by the OECD, for repeated failure to reform its anti-money laundering laws, for continues inaction, remains an open question.