en

Switzerland

There are many factors that make Switzerland an extremely attractive country.

Its geographical location in the heart of Europe and its excellent communication infrastructures guarantee excellent interchanges with foreign countries.

The proverbial excellent relations maintained internationally by the Swiss institutions and the high political stability find a concrete precipitate in the high degree of democratization of the country.

These elements, together with an efficient labor market and a historically very developed financial market but at the same time careful to grasp and embrace the innovations introduced by the new technologies, make Switzerland permanently see a AAA credit rating established by the major agencies. constantly stands at the top of the Global Competitiveness Report ranking annually published by the World Economic Forum.

This figure is representative of the unequaled ability of the country to provide for the welfare of its inhabitants, providing them with a very high standard of quality of institutions, services and in general of all those determining factors to ensure economic prosperity in the medium and long term.

The Swiss financial and legal framework is strongly protecting the rights of clients and investors, both for residents and for those operating from abroad.
Switzerland is a leader in cross-border financial management, and currently holds approximately USD 6.5 trillion (equivalent to ¼ of the world market) at its financial institutions [Source: Swiss Banking Association].

Banks are heavily capitalized. There is a deposit guarantee mechanism at banks and financial institutions (Esisuisse). While respecting the international commitments on the exchange of information on tax matters and the fight against money laundering and terrorist financing convicted by the Swiss authorities, consistent with its cultural and legal tradition, the protection provided is still strong. to the private sphere, in particular because of banking secrecy, guarded by specific criminal laws.

The Self-Regulatory Organizations (SROs) define the due diligence procedure that the affiliated financial intermediaries needs to respect  under the Money Laundering Act (MLA). The SROs must also carry out periodic checks in order to guarantee the effective fulfillment of the obligations by their affiliates.

The regulations of the SROs and their subsequent amendments must be approved by FINMA. They establish how financial intermediaries must enforce the legal obligations arising from the MLA, including the obligation to identify the counterparty, the obligation to investigate the ultimate beneficial owner, as well as the obligation of disclosure, in case of suspected of money laundering.

The SROs regulation also specifies how each SRO checks the fulfillment of these obligations from its affiliated entities, for example through periodic checks by external auditors or internal inspectors, as well as the penalties provided for any infringements.

The Self-Regulatory Organization of the Canton Ticino (OAD – FCT) is an association formed on 30 March 1999 with the purpose of providing assistance and advice services to the Canton Ticino trustees and asset managers,  in compliance with the federal law against money laundering.

The Organization was officially recognized by the Federal Department of Finance on 25 May 1999. Since 2009 it has also been recognized by FINMA as a professional association authorized to issue rules of conduct in the field of asset management.

Innovation and competitiveness

Switzerland offers a high quality educational system, which includes many academic institutions that annually stand out in the international classics and “produce” a large number of Nobel prizes.

Public institutions and private entities allocate considerable resources in research and development, so much so that the country is the world’s first per capita. The Swiss ability to attract and retain the best talent in the world in science and technology is renowned.

Although the average salaries are particularly high, the exceptionally high level of productivity makes it typically cost-effective to conduct business ventures in Switzerland. The country is renowned for its traditional attention and protection of privacy, confidentiality and legal certainty.

These principles, recognized and protected by both cantonal and federal regulations, appear to be particularly appreciated by those who invest in research and innovation. The friendly, pragmatic and collaborative approach that distinguishes Swiss institutions in their relationships with investors and entrepreneurs, together with a particularly moderate imposition on natural and legal persons, helps to create an ideal ecosystem in which to promote technological start-ups.