Anti-Money Laundering Act (Switzerland)

The Anti-Money Laundering Act (AMLA) (German: Bundesgesetz über die Bekämpfung der Geldwäscherei und der Terrorismusfinanzierung, GwG, French: Loi fédérale du 10 octobre 1997 concernant la lutte contre le blanchiment d’argent dans le secteur financier, LBA, Italian: Legge federale relativa alla lotta contro il riciclaggio di denaro e il finanziamento del terrorismo, LRD), also referred to as the Federal Act on Combating Money Laundering and Terrorist Financing, is a Swiss federal act designed to combat money laundering by requiring financial intermediaries to be vigilant about the origin of funds.

Anti-Money Laundering Act (AMLA)
Federal Assembly of Switzerland
Long title Federal Act on Combating Money Laundering and Terrorist Financing (SR 955.0)
Territorial extent	Switzerland
Enacted by	Federal Assembly of Switzerland
Enacted	17 June 1996.
Commenced	10 October 1997
Status: Current legislation

Purpose

The Anti-Money Laundering Act is designed to prevent members of mafia or terrorist organizations from gaining access to financial institutions. Under this law, financial institutions (banks, asset managers, investment companies, etc.) must, for example, withhold the names of beneficial owners from all transfers of value, pending investigation.

Evolution

In March 2021, despite the international recommendation to combat corruption, parliament refused to include "advisors" (lawyers and trustees) under the Money Laundering Act, when they set up, manage or administer shell companies or trusts.^[1][2] Currently, advisors are only subject to the law when they have decision-making powers or hold a power of attorney for the bank account of an offshore structure (as they are then financial intermediaries).^[2]