Swiss to Ban Big Cash Purchases to Curb Money Laundering

Switzerland is proposing to ban cash payments in excess of 100,000 francs ($107,500), including on watches and real estate, and wants to tighten the due diligence requirements for banks to prevent money laundering.

Transactions above that amount will have to be processed through a bank, the government said in a draft law presented in Bern today. Political parties and interest groups will now be able to comment on the proposal.