Implementation of the new FATF Recommendations in Switzerland

In February 2012, the Financial Action Task Force (FATF) revised and amended its international standards for combating money laundering and terrorist financing. As a FATF member, Switzerland subsequently approved the 40 revised FATF Recommendations and has since been implementing them into Swiss law. In this context, on 12 December 2014, the Swiss parliament has adopted the new “Implementation of the 2012 Revised FATF Recommendations Act”.