Swiss unveil dirty money clampdown to repair image

The FT says the Swiss banking system is trying to clean up its act after a series of money laundering scandals. The paper says Switzerland has proposed sweeping measures to clamp down on money laundering in an effort to shed the country’s reputation as a haven for ill-gotten gains.

Finance Minister Karin Keller-Sutter unveiled reforms on Wednesday to increase transparency and close legal loopholes by requiring the ultimate “beneficial owners” of trusts and companies to be declared.

The front page features an image of some Florida residents affected by the Hurricane.