The VAV welcomes in principle the intended codification of supervisory practice in relation to the management of nature-related risks. However, the circular is too technical, too extensive and too complex. The VAV therefore advocates a revision of the circular and the transposition of its content into a new FINMA ordinance.

In principle, the VAV welcomes the federal government's efforts to bring Switzerland's anti-money laundering legislation into line with international standards. In particular, by introducing a register of beneficial owners and due diligence obligations for high-risk activities in the legal professions. However, we see a need for improvement in the proposed parameters.

The second report has now been published on the progress made with the Swiss wealth management industry’s ‘Sustainable finance as an opportunity for wealth management’ initiative, which was launched in 2021. Through their engagement to find solutions to climate change, the 22 banks taking part have continued to build on their initial successes.