Finma defined new targets for 2017-2020

Switzerland's federal cabinet approved a new graft bill on Wednesday that would end the tax break for bribes, a reform it decided to pursue almost a year ago. It now goes to the parliament for a vote.
But it leaves untouched the practice of letting companies take a deduction for illegal profits seized by regulators, provided these repaid sums – known as disgorgements – do not meet the formal definition of a penalty for criminal behaviour.
That would include seizures by the Swiss Financial Market Supervisory Authority (FINMA), which can confiscate ill-gotten gains but not mete out criminal sanctions on companies it regulates, including the country's biggest banks.
"It is a disgorgement of illegally generated profits," FINMA spokesman Tobias Lux said. "We don't have the legal basis for monetary penalties."

Under existing guidelines that would be left untouched by the new law, the 95 million Swiss francs ($100 million) seized by FINMA from private Bank BSI this year during a probe into its ties to Malaysian fund 1MDB could help reduce its tax bill.
The same applies to the 2.5 million francs FINMA last month seized from Zurich-based Falcon Bank.

A Swiss Federal Tax Administration spokesman in Berne said even if the new bribery prohibitions become law, it could take three years before they take effect, to give cantonal tax officials time to adapt.