In this episode, we dive into Switzerland’s heated debate over proposed anti-money laundering (AML) reforms driven by FATF recommendations. Lawmakers are pushing back against stricter rules for lawyers, advisers, and trusts, arguing that excessive regulation could weaken Switzerland’s financial competitiveness and autonomy. This resistance comes despite warnings from the Federal Department of Finance that failing to act could harm the country’s international credibility. We explore how these political tensions have led to key exemptions, including non-profit organisations and certain trust structures being left out of a new transparency register. The debate is unfolding at a critical time, as global competition intensifies—particularly with Hong Kong expected to overtake Switzerland as the world’s leading cross-border wealth management hub by 2025.