// Financial Law Update
Implementation of the FATF Recommendations in Switzerland – An Overview of the Amendments to the Rules relating to the Combat of Money Laundering and of Terrorist Financing Enacted on January 1, 2016
Switzerland had been under increased pressure by the Financial Action Task Force (FATF) to adapt its legislation to international standards for combatting of money laundering and terrorist financing. After FATF revised its relevant recommendations in 2012, the Swiss legislator adopted a comprehensive legislative project in December 2014 in order to implement these recommendations. The amendments were later on enacted in two stages: The first part of changes with impact mainly on the Code of Obligations entered into force on July 1, 2015. The second part of the amendments particularly concerning the Swiss Criminal Code and the Swiss Anti Money Laundering Act was enacted on January 1, 2016. As of this date also the guidelines of the self-regulatory organisations had to be adjusted to the changes of law, especially the Code of Conduct for Swiss Banks.
