New regulations for the combatting of money laundering as of 1 January 2016 in Switzerland
As of 1 January 2016 new regulations came into force in Switzerland for the combatting of money laundering. The international standards for the combatting of money laundering (Anti Money Laundering, AML) are accordingly implemented. Among others, stricter duties of care are to be complied with. Since 1 January 2016 tax fraud is deemed as a predicate offence to money laundering if the evaded taxes exceed an amount of CHF 300,000.00 per tax period. In case of a suspicion of such a criminal offence, financial intermediaries, in particular banks, have to report the customer concerned to the responsible money laundering authority immediately. Further investigations against bank employees in Switzerland owing to aiding and abetting tax evasion According to various media reports German criminal prosecution authorities have initiated further investigations against employees of the Swiss branch of a major international bank. The investigations refer to a possible punishability owing to aiding and abetting tax evasion.