Parliament recently adopted amendments to the Penal Code introducing new provisions on corruption in the private sector. Corporate undertakings should accordingly scrutinise internal regulations and directives and internal control procedures should be reviewed to strengthen the overall resistance against corruption. Undertakings should also consider establishing an internal reporting mechanism for suspected wrongdoing.
Switzerland is revising the regulatory framework governing its financial infrastructure, Swiss and foreign financial service providers and the distribution of financial products in Switzerland. Many of the criminal provisions contained in the proposed legislation are already in place. However, the scope of application of the proposed acts is wider than in existing legislation.