“Switzerland is proposing to ban cash payments in excess of 100,000 francs ($107,500), including on watches and real estate, and wants to tighten the due diligence requirements for banks to prevent money laundering. Transactions above that amount will have to be processed through a bank. According to the proposal, banks will also have to undertake thorough checks to ensure funds are tax-compliant and must in the future refuse to accept any funds they believe are not declared. The measures implement recommendations from the Financial Action Task Force, an international organization tasked with co-ordinating the fight against money laundering.”
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