The Swiss Council of States has accepted a bill passed on from the Federal Council with modifications, implementing the revised Financial Action Task Force (FATF) Recommendations.

Following these amendments, the tax threshold for a case of tax evasion (deemed as a serious tax offence) has been increased, from CHF 200,000 (EUR 164,061) to CHF 300,000. Further, it has been agreed to limit cash payments to CHF 100,000.

In the view of the Swiss business federation, Economiesuisse, the Council of States had unnecessarily exceeded the FATF requirements. As a result, the proposed legislation risks loading banks with unnecessary bureaucracy, and sets needless restrictions on businesses.

As reported, Economiesuisse supports that legislators should give financial intermediaries greater certainty when reporting their clients to the tax authority.