At its meeting on 31 August 2022, the Federal Council set 1 January 2023 as the date of entry into force of the revision of the Money Laundering Act and Ordinance D&# 39; silver (LBA and OBA). Through this review, Switzerland is improving its system for combating money laundering and terrorist financing, while taking into account the main recommendations of the mutual evaluation report drawn up by the Financial Action Task Force (FATF).

Parliament passed the LBA amendment in March 2021. The revision includes measures for financial intermediaries with regard to verifying the right holder and the timeliness of customer data as well as with regard to reporting suspicions of money laundering. It also promotes transparency for associations that pose an increased risk of terrorist financing and strengthens surveillance and controls in the area of precious metals.

The Federal Council has already implemented the first part of the amendments to the LBA by introducing transitional provisions for testers in the pre-trade in metals Heaven on January 1, 2022. For its part, the main part of the revision will apply as of January 1, 2023. The Federal Council has enacted implementing provisions in various ordinances concerning, in particular, the communication system, the introduction of a control mechanism for the purchase of used precious metals and the new task of the Central Office of Precious metals control as a supervisory authority for money laundering.