// 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.
New Proposal for Swiss Corporate Tax Reform
The Steering Committee representing the cantons and Swiss Federation issued its recommendation regarding the implementation of a modified corporate tax reform to the Swiss Federal Council on June 1, 2017. The corporate tax reform has been renamed the Tax Proposal (“T.P. 17”) and is, in general, based on the Corporate Tax Reform III (“C.T.R. III”), which was rejected on February 12, 2017, by Swiss voters.