The new rules, which follow recommendations by the intergovernmental Financial Action Task Force in 2014, establish due diligence requirements for traders when they accept cash payments of more than 100,000 Swiss francs (USD 99,532.20).
They also change the way in which religious foundations are registered in Switzerland and will come into force at the start of 2016. Switzerland was reminded of its reputation as a place for the wealthy to hide assets this year when media outlets published leaked documents suggesting HSBCs Swiss private bank helped customers dodge taxes.
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