Switzerland’s government on Wednesday adopted new rules to clamp down on money laundering as the country seeks to cast off its reputation as a haven for hidden cash.
The new rules, which follow recommendations by the intergovernmental Financial Action Task Force last year, establish fresh due diligence requirements for traders when they accept cash payments of more than 100,000 Swiss francs ($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 next year, the Swiss government said in a statement.
Switzerland was reminded of its reputation as a place for the wealthy to hide assets this year when media outlets published leaked documents suggesting HSBC’s Swiss private bank helped customers dodge taxes.
The Swiss banking association had said in June that the country’s banks would beef up anti-money laundering measures through transparency rules due to come into force next year.