Arab Times

Swiss govt adopts ‘rules’:


Switzerlan­d’s government on Wednesday adopted new rules to clamp down on money laundering as the country seeks to cast off its reputation as a haven for hidden cash.

The new rules, which follow recommenda­tions by the intergover­nmental Financial Action Task Force last year, establish fresh due diligence require- ments for traders when they accept cash payments of more than 100,000 Swiss francs ($99,532.20).

They also change the way in which religious foundation­s are registered in Switzerlan­d and will come into force at the start of next year, the Swiss government said in a statement. (RTRS)

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