Switzerland: Information regarding the Financial Action Task Force (FATF) Recommendations - Reporting requirement when purchasing bearer shares

The Financial Action Task Force (FATF) published the revised international standards in the area of anti-money laundering and counter terrorist financing in February 2012 (FATF Recommendations). The Swiss Parliament adjusted national law with the Federal Act on implementing the revised 2012 recommendations of the FATF. In the context of this realignment, the provisions relating to the Swiss Code of Obligations, the Swiss Collective Investment Schemes Act and the Swiss Federal Act on Intermediated Securities entered into force on July 1, 2015. The realignment of Anti-Money Laundering Act will become effective as from January 1, 2016.