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Transparency International Launches Campaign To End Laundering In Switzerland

02.09.2014 16:07

Transparency International (TI) initiated on Tuesday a new campaign on preventing money laundering in Switzerland to put an end to worldwide corruption and graft.The campaign titled “Unmask the Corrupt” was unveiled with a press conference in Bern with a huge attendance. Speaking during the conference, Chair of TI Switzerland Martin said “Switzerland needs to extend the scope of its anti-money laundering legislation in order to prevent the corrupt from hiding the proceeds of crime and corruption on its soil. No longer should the corrupt be able to get away with illicit activities, often linked to international organized crime, with the help of Switzerland,”“More concretely, Transparency International Switzerland states that the transparency of legal entities, including for non-listed stock companies issuing bearer shares, needs to be enhanced. It should be clear who the beneficial owners behind the legal entities are. Whoever buys bearer shares of a non-listed public company should be

Transparency International (TI) initiated on Tuesday a new campaign on preventing money laundering in Switzerland to put an end to worldwide corruption and graft.

The campaign titled “Unmask the Corrupt” was unveiled with a press conference in Bern with a huge attendance. Speaking during the conference, Chair of TI Switzerland Martin said “Switzerland needs to extend the scope of its anti-money laundering legislation in order to prevent the corrupt from hiding the proceeds of crime and corruption on its soil. No longer should the corrupt be able to get away with illicit activities, often linked to international organized crime, with the help of Switzerland,”

“More concretely, Transparency International Switzerland states that the transparency of legal entities, including for non-listed stock companies issuing bearer shares, needs to be enhanced. It should be clear who the beneficial owners behind the legal entities are. Whoever buys bearer shares of a non-listed public company should be required to identify him- or herself and report the purchase within one month. Trade registers must publicly disclose beneficial ownership. Transparency International Switzerland also calls for the introduction of a statutory reporting requirement to identify shareholders holding more than 25 per cent of shares or voting rights.” said TI on its website.






SHOT LIST
Tuesday, September 2 2014, SOURCE: CIHAN
Officials
Press members
Speeches
Duration: 02:08



 
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