2023 Swiss Law Update For International Sports Federations – Anti-Money Laundering Requirements & General Meetings
Substantial Swiss law amendments have entered into force in January 2023 potentially impacting the daily operations of International Sports Federations (IFs) that are incorporated as associations under Swiss law and have their registered office in Switzerland1. This article looks at the legal updates with regard to (i) money laundering2, and (ii) the hosting of general meetings and IFs organizational arrangements.
The money laundering amendments form part of the implementation of the recommendations brought forward by the Financial Action Task Force (the FATF; GAFI) in their fourth report regarding Switzerland3. The main intended purpose for associations was to improve the transparency of associations that may be exposed to an increased risk of terrorist financing and money laundering. The update has been introduced in the Swiss Civil Code (the SCC).
This article looks at the amendments with regards to:
1. The revision of the Anti-Money Laundering Act
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- Tags: Anti-Money Laundering | Company Law | Integrity | Regulatory | Swiss Civil Code | Switzerland
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David Ginolin is an Attorney at Law at Kellerhals Carrard. David focuses on mergers and acquisitions and on trade, commercial, corporate and contract law. He advises clients on negotiations and drafts commercial contracts at a national and international level. He also provides consultancy services to start-ups and investors, notably through the Seed-Up platform.
Vincent Jäggi, Kellerhals Carrard - Attorney at Law, Partner, Doctor of Law, Master of Advanced Studies (LL.M.) in Business Law (MBL).