Unlike the National, the competent committee of the Council of States has decided to enter into a project aimed at strengthening the integrity of the Swiss financial centre.

Unlike the National Council, the competent committee of the Council of States decided on Tuesday by 8 votes to 1 with 4 abstentions to enter into the matter on a project aimed at strengthening the integrity of the Swiss financial centre.

It recognized the need to act and take into account the recommendations issued by the Financial Action Task Force (FATF). It is of the opinion that it is necessary to act in order to allow a more effective fight against money laundering, say the services of the parliament.

In order to take into account the criticisms made by the House of the People, however, the committee decided by 8 votes to 5 to delete the provisions relating to "advisers".

The Federal Council proposes to make this category - which mainly covers services relating to the creation, management and administration of companies and trusts - subject to the Money Laundering Act. Like traders, notaries, fiduciaries and other tax advisors will need to verify the client's identity, document the service and clarify its background and purpose.

A MATTER OF TIME

The committee believes that the proposed regulation goes too far and calls into question the role of the lawyer as an adviser without strengthening the prevention of money laundering. It considered that the adopted draft met international standards and that there was therefore no need to take any further action.

A minority supports the government's version. It maintains that it is only a matter of time until this category of actors is also subject to the Money Laundering Act and considers it important to make the necessary legislative changes now and to follow the FATF recommendation.

The subject will be dealt with by the Council of States at the autumn session. Then he will return to the National Council.