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Switzerland Toughens Stance on Financial Sanctions with Embargo Act

On January 1, 2003, Switzerland introduced the Federal Act on the Implementation of International Sanctions, also known as the Embargo Act. This move aims to strengthen its stance on financial sanctions and provide a comprehensive framework for implementing international sanctions imposed by the country.

Key Provisions of the Embargo Act

• Provides a framework for implementing international sanctions
• Regulates various aspects related to sanctions, including:
  • Aim
  • Scope of authority
  • Duty of disclosure
  • Supervision of compliance
  • Data protection
  • Administrative and legal assistance
  • Rights of appeal
  • Criminal provisions

Changes from Previous Legislation

Prior to the introduction of the Embargo Act, Switzerland’s sanctions were based directly on provisions of its Federal Constitution, Article 184 Abs.3. However, with the new law in place, specific measures such as those taken against a particular state or regime are now contained in separate ordinances based on this Act.

Benefits and Impact

The Embargo Act is seen as a significant step towards strengthening Switzerland’s role in international efforts to combat terrorism, proliferation of weapons of mass destruction, and other global threats. The law provides a solid legal basis for the implementation of sanctions, ensuring that Swiss authorities can effectively enforce them and prevent potential violations.

Conclusion

Switzerland has long been a key player in international efforts to address these challenges, and the introduction of the Embargo Act is seen as an important step towards maintaining its position as a respected member of the global community.