In Switzerland, the law on money laundering spares financial professionals. Parliamentarians are opposed to revealing the identity of the beneficiaries of companies hidden in tax havens

Lawyers, notaries and other trustee owners, who create offshore companies and trusts in the chain, will not be required to reveal the identity of their clients. The Parliament in Bern simplified the obligations of financial professionals with the stroke of a pen.
A virtual failure across the board for the Federal Council (government), which tried to bring the LBA into line with the international standards recommended by the Financial Action Task Force

In a statement published on 19 March, the NGO Public Eye accused the Money Laundering Act (LBA) of containing “shortcomings that Swiss cheese has holes”. The leak of more than eleven million confidential documents by the Panamanian law firm Mossack Fonseca revealed the names of thousands of “honest” citizens who were hiding their savings from the tax authorities behind more than 200,000 offshore companies