Anti-Money Laundering Act (Switzerland)
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| Anti-Money Laundering Act (AMLA) | |
|---|---|
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| Federal Assembly of Switzerland | |
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| Territorial extent | Switzerland |
| Enacted by | Federal Assembly of Switzerland |
| Enacted | 17 June 1996. |
| Commenced | 10 October 1997 |
| Status: Current legislation | |
The Anti-Money Laundering Act (AMLA) (German: Bundesgesetz über die Bekämpfung der Geldwäscherei und der Terrorismusfinanzierung, GwG, French: Loi fédérale du 10 octobre 1997 concernant la lutte contre le blanchiment d’argent dans le secteur financier, LBA, Italian: Legge federale relativa alla lotta contro il riciclaggio di denaro e il finanziamento del terrorismo, LRD), also referred to as the Federal Act on Combating Money Laundering and Terrorist Financing, is a Swiss federal act designed to combat money laundering by requiring financial intermediaries to be vigilant about the origin of funds.
The Anti-Money Laundering Act is designed to prevent members of mafia or terrorist organizations from gaining access to financial institutions. Under this law, financial institutions (banks, asset managers, investment companies, etc.) must, for example, withhold the names of beneficial owners from all transfers of value, pending investigation.