The council has decided to implement the revised recommendations of the Financial Action Task Force (FATF) of February 2012.
The regulatory body said that the proposals also aim to stop untaxed assets from being accepted by financial intermediaries in Switzerland.
Intended to increase effectiveness of the reporting system and simplify the procedures for financial intermediaries, both consultations will be a step towards preparations to preserve integrity of the financial institutions in the country.
The consultations will run until 15 June 2013.
The Federal Council has also asked the Federal Department of Finance (FDF) to submit necessary legal adjustments regarding freezing of the assets of terrorists and terrorist organizations.
The regulation comes at a time, when the Swiss government is facing mounting pressure from international organizations to provide information about those who deposited their assets in Swiss bank and evaded tax in the home country.
