Swiss lawmakers push back on anti-money laundering law

Swiss lawmakers are seeking to water down government proposals to help prevent financial crime, saying the country needs to stay competitive in global cross-border wealth management where rival centres – including Singapore and the UAE – are gaining ground.
Switzerland is currently the world’s largest wealth management hub, but could lose that crown as early as this year, according to a forecast from Boston Consulting Group.
The focus on Swiss competitiveness has intensified since the country was hit with a 39% U.S. import tariff by President Donald Trump, making lawmakers keen to find ways to strengthen the country’s economy.
The lawmakers say Switzerland needs to slow down its anti-money laundering drive on competitive grounds, an argument also used in other areas, including in the debate over proposed new capital rules for UBS, Switzerland’s biggest bank.