- The Federal Council adopted the dispatch on May 22, 2024 on the Transparency Act for legal entities.
- The law includes a Transparency register for beneficial owners, accessible to authorities and financial intermediaries.
- The register will not be public, but for Consultant and Financial intermediaries provided.
- Certain activities of Legal professions will in future be subject to due diligence obligations under money laundering law.
At its meeting on May 22, 2024, the Federal Council adopted the dispatch on the Federal Act on the Transparency of Legal Entities and the Identification of Beneficial Owners (Transaction no. 24.046):
- Media release
- Draft
- Message
- Report on the results of the consultation procedure
- Fact sheet of the FDF
- Regulatory impact assessment
In particular, the law regulates the electronic database to be maintained by the FOJ. Transparency registerin which, in particular, information on beneficial owners is to be recorded. Although the register will not be publicly accessible, it will be available to various authorities and financial intermediaries and advisors for the purpose of fulfilling due diligence obligations.
In addition, “certain activities of legal professions” are subject to due diligence and reporting obligations under money laundering law.