Entry into force of Federal Act for Implementing Revised FATF Recommendations of 2012

Bern, 29.04.2015 - During its meeting today, the Federal Council decided to bring the Federal Act of 12 December 2014 for implementing the Revised Financial Action Task Force (FATF) Recommendations of 2012 into force in two stages.

On 12 December 2014, Parliament approved the Federal Act for Implementing the Revised Financial Action Task Force (FATF) Recommendations of 2012. The referendum deadline expired unused on 2 April 2015. The enactment will take effect in two stages. On the one hand, the country evaluation of the Global Forum on Transparency and Exchange of Information for Tax Purposes due in the autumn requires the swiftest possible entry into force of the provisions on the transparency of legal entities and bearer shares, which is why these provisions will be brought into force on 1 July 2015. On the other hand, the other legislative amendments require either implementing provisions at the ordinance level or certain implementation work on the part of the target entities concerned. With the entry into force on 1 January 2016, the financial intermediaries and the self-regulatory organisations under the Anti-Money Laundering Act in particular should have the time necessary to be able to make the preparations required for implementation on time.

The amendments to the following laws should come into force on 1 July 2015:

  • the Code of Obligations;
  • the Collective Investment Schemes Act and
  • the Federal Intermediated Securities Act.

On 1 January 2016, the following will enter into force:

  • the amendments to the Swiss Civil Code regarding ecclesiastical foundations and family foundations;
  • the provisions on tax predicate offences (amendment of the Swiss Criminal Code and the Administrative Criminal Law Act);
  • the amendments to the Debt Collection and Bankruptcy Act concerning the mode of payment;
  • the amendments to the Anti-Money Laundering Act.


Address for enquiries

Daniel Saameli, Media Spokesperson FDF
Tel. +41 58 464 14 07, daniel.saameli@gs-efd.admin.ch



Publisher

The Federal Council
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Federal Department of Finance
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Federal Department of Finance
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