Switzerland Proposes Beneficial Owner Registry to Combat Crime

Switzerland is proposing to establish a centralized register of beneficial owners of legal entities to better counter financial crime, the Federal Council said Wednesday.

The country’s Federal Department of Finance has until the end of June 2023 to draft a bill that would establish the register and rules for updating it, according to the decision of the federal executive body.

• The register would be accessible to relevant authorities, but not to the public. Switzerland currently doesn’t have a centralized register, but companies must keep beneficial owner data in-house.
• The bill is also aimed at strengthening Switzerland’s anti-money laundering ...