Statement from the SBA regarding the implementation of the extended due diligence requirements in tax matters and money laundering

  • The SBA calls for the full and immediate suspension of the current draft law. As a result of the rapid international developments towards the automatic exchange of information, the implementation of an extended due diligence is at this time is not purposefully and risks to already become obsolete and therefore redundant. It is pointless to establish a legal basis that is of no use by the time it comes into effect, but that would impose additional, costly measures on financial intermediaries.
  • The SBA is of the opinion that the introduction of extended due diligence measures in addition to an international automatic exchange of information should be rejected. The group of independent experts led by Aymo Brunetti shares this view with respect to countries who will introduce an automatic exchange of information. Aside from this, the planned enhancements to the due diligence measures would result in a strong disadvantage in terms of global competitiveness, because no other country is subject to or applies such reviews, and such extended due diligence measures are hardly to become a global standard.
  • The SBA is on-going in its commitment that in future, only taxed assets should be acquired and managed in the Swiss financial centre. The suspension of the draft for the extended due diligence measures for financial intermediaries does not change this commitment.