Switzerland Asks for Greater Anti-Money Laundering Oversight at Geneva Freeport

The Bouvier-Rybolovlev case has heightened interest in tightening regulations for Geneva’s freeport, according to Swiss Info:

From January 2016, the revised law on money laundering will include fiscal violations and end the distinction between tax fraud and tax evasion for which Switzerland has been strongly criticised.

“It’s a complete paradigm change,” says Stiliano Ordolli, head of the Swiss Money Laundering Reporting Office.

How will the law affect cultural property? “The modification does not change the statute of art traders but sets, for all traders in Switzerland, a limit of CHF100,000 for cash payments,” Ordolli says.

“The surplus is payable by credit card or the seller must carry out due diligence obligations. Either the seller does not accept it or they must ask additional questions to be sure of the legal origins of funds.”

Art: the new frontier in the fight against money laundering (swissinfo.ch)