// 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.
NFTs in Metaverse: Do Trademark Owners need to register their Trademarks for Virtual Goods and Services?
“Nike Sold an NFT Sneaker for USD 134’000”: This York Times headline of May 26, 2022 and similar headlines regarding virtual goods in Metaverses or NFT Trade Platforms have made us realize that NFTs are not only for digital art but also a huge market for brand products.
Recognition of foreign family foundations in Switzerland
Swiss Family Foundations are not commonly used for asset protection or estate planning purposes due to a de facto prohibition of family maintenance foundation. Since families are often spread over different countries and continents and assets are located in various jurisdictions, contributions of assets to a foundation may very well be an optimal solution, also because these assets no longer fall within the scope of the estate. For this purpose, foundations are set up in jurisdictions like Liechtenstein.