Financial Services

The beneficial ownership register leads to further transparency

Irrespective of the Automatic Exchange of Information (AEoI) and other OECD initiatives, the UBO register leads to further transparency. Beneficial owners of entities domiciled in the EU are already required to be documented in a UBO register, which is publicly accessible in some countries.
1

OECD initiative against fictitious tax residences based on investments

On 16 October 2018, the OECD published the results of its analysis of over 100 Citizenship by Investment (CBI) and Residence by Investment (RBI) schemes that allow foreign individuals to obtain citizenship or residence rights.
2

Federal Council opens the consultation on the implementing ordinances of the new FinSa and FinIa

On 24 October 2018, the Swiss Federal Council began the consultation for the 3 implementing ordinances to the Financial Services Act and the Financial Institutions Act. The consultation period will last until 6 February 2019; the ordinances and the two laws will enter into force on 1 January 2020.
4

Money laundering: high risk countries also in Europe

The Financial Action Task Force is constantly updating its country risk assessment. Whilst the list of high-risk jurisdictions include the usual suspects, there is surprisingly one European country on the list, making this is another challenge to be tackled by financial intermediaries.
4

Erster Datenaustausch der Schweiz im Rahmen des AIA

Die Schweiz hat im September 2018 erstmalig Daten im Rahmen des AIA (Automatischer Informationsaustausch) anderen Staaten übermittelt und von diesen auch Daten erhalten. Die Eidgenössische Steuerverwaltung (ESTV) übermittelte Informationen zu rund 2 Millionen Finanzkonten an die Partnerstaaten der Schweiz.
4

Eine neue Sicht auf Schweizer Direktversicherer

Erstmalig wurden dieses Jahr «Berichte über die Finanzlage» der Schweizer Versicherer veröffentlicht, die spannende Einblicke in das Kapitalmanagement, die Governance, sowie die Risiken und Solvabilität einer ganzen Branche gewährt.