Investment fund sales organizations and representatives will no longer be subject to the Swiss anti-money laundering law, according to the S...

Investment fund sales organizations and representatives will no longer be subject to the Swiss anti-money laundering law, according to the Swiss Federal Banking Commission and the Money Laundering Control Authority.

The SFBC said in a statement: “For these activities their membership with a self-regulatory organization or obtaining permission from the Swiss anti-money laundering control agency are thus no longer required.”

The decision was taken by the Swiss Federal Council in early November and sees the repeal of article 2, section 3, paragraph D, of the Federal Act on the prevention of money laundering. The rest of the 1997 Federal Money Laundering Act remains in place.

The repeal came into force at the beginning of 2006.

Further details can be found at the Swiss Money Laundering Control Authority’s website on: www.gwg.admin.ch/f/publika/pdf/40096.pdf