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Frequently asked Questions
For Switzerland, it is crucial to ensure the integrity of its financial centre. Therefore, Switzerland fully implements the EU sanctions in the financial sector.
Internationally active Swiss banks and insurance companies, the stock exchange and, for example, commodity companies have already been following the international sanction measures very closely and implementing them.
Further information:
Ukraine: Switzerland implements the EU’s 13th package of sanctions (admin.ch)
Switzerland intends to remain a world-leading financial centre and to continue to be attractive as an international business location. The Swiss values of stability, security and trust must be combined with an openness to innovation in sectors such as Fintech and Sustainable Finance. On 4 December 2020, the Swiss Federal Council decided to further develop the financial market strategy around the concepts of innovation, connectivity and sustainability.
Further information:
The government’s role is simply to provide the optimal framework conditions to allow innovation to take place. Switzerland was one of the first countries to draft legal provisions on the use of Distributed Ledger Technology and, in the Fintech sector, Switzerland has had a simplified approval category geared towards start-ups since 2019. These kinds of measures ensure legal certainty without unnecessary bureaucracy, creating an environment in which innovators are free to explore the potential of new technologies.
Further information:
Digital Finance: Areas of action 2022+ (admin.ch)
Making Switzerland a leading digital innovation hub | digitalswitzerland
The Covid-19 crisis has reiterated the importance of the reliability, trustworthiness and resilience of a financial centre. During the pandemic, the Swiss financial sector made a decisive contribution to ensuring that struggling companies could quickly and easily access necessary capital and liquidity. With the simple and speedy Covid-19 bridging loans, which are 100% backed by the Confederation, the financial sector made a significant contribution to supporting the Swiss economy.
Further information: State Secretariat for Economic Affairs, Swiss Bankers Association and FINMA
Security and data protection are important values of the Swiss financial centre. As a matter of principle, banks do not disclose their clients' account details to third parties or authorities. There are some exceptions, for example, the exchange of information with judicial authorities in criminal proceedings and, since 2017, the automatic exchange of information on financial accounts with foreign tax authorities in accordance with international standards. Account information of customers with foreign residential addresses are transmitted annually to tax authorities in the country of residence; in the meantime, this exchange takes place with over 100 countries. Swiss tax authorities also receive information on accounts held abroad by Swiss taxpayers.
Further information:
Automatic exchange of information on financial accounts (admin.ch)
Switzerland has a proud tradition in sustainable finance and the Swiss government will continue to champion its financial centre as a global leader in this area. The systemic stability of the financial sector, its integrity, and the effective tackling of financial crime are important factors and, against the background of Agenda 2030, accountability and transparency are also of vital importance.
Further information:
The Swiss Ministry of Finance (FDF) supports financial service providers and relevant authorities in the prevention and management of incidents, and in improving resilience to cyber risks. The ministry is in the process of creating a dedicated organisation to manage cyber crises in the financial sector, ensuring close cooperation with the National Centre for Cyber Security (NCSC). This will help the industry to develop stable and secure electronic payment and safekeeping systems.
Further information:
The integrity of the Swiss financial centre is of great importance to both the government and the financial industry. Both have made significant efforts in recent years to identify risks at the earliest possible stage, and are committed to developing the most effective approach to combating money laundering and terrorist financing. International standards are implemented efficiently and enshrined in national law, which is acknowledged in the audit reports of the International Anti-Money Laundering Task Force.
Further information:
For Switzerland, the integrity of the financial center is crucial. We ensure that the same rules apply to cryptocurrencies as to real monetary assets, e.g. in anti-money laundering. Switzerland is actively working for international standards so that no loopholes and no havens for criminal businesses are created.
Further information: