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Swiss Lawmakers Revise FATF Bill

by Ulrika Lomas, Lowtax.net, Brussels
27 June, 2014

The Swiss National Council has adopted a bill to implement the revised Financial Action Task Force Recommendations, albeit with significant modifications that some lawmakers fear could put Switzerland at risk of being placed on the Organization for Economic Cooperation and Development's (OECD's) "black list" of countries deemed to be uncooperative.

The Swiss lower house set at CHF200,000 (USD223,703) the tax threshold for a case of tax evasion to be deemed a serious tax offence. Sanctions for such an offence include up to three years' imprisonment.

Swiss Finance Minister Eveline Wider-Schlumpf warned that the National Council's proposal would be contrary to the FATF recommendations, and pointed out that only Swiss citizens could be affected by the measure.

The bill will now return to the Council of States, which is said to broadly support the Executive's approach.

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