Financial Crime World

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Switzerland Cracks Down on Sanctions and Financial Crime

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The Swiss government has implemented a strict system to enforce international sanctions against states, individuals, and legal entities. The country’s Embargo Act serves as the foundation for this effort, with precise coercive measures specified in separate sanction ordinances adopted by the Federal Council.

Implementing Sanctions through SECO

Overview

The State Secretariat for Economic Affairs (SECO) is responsible for implementing these sanctions, which include listing the names of affected individuals, groups, and companies in annexes to the ordinances. These annexes are updated continuously to reflect changes to the list of sanctioned entities.

Key Responsibilities

  • Listing affected individuals, groups, and companies
  • Updating annexes with new information
  • Maintaining compliance with international sanctions

Independent Freezing Measures

Overview

In addition to enforcing international sanctions, the Federal Council also has the authority to introduce national freezing measures to safeguard Switzerland’s interests. The Federal Department for Foreign Affairs (FDFA) is responsible for implementing these ordinances, which are also updated regularly.

Key Responsibilities

  • Implementing national freezing measures
  • Updating ordinances with new information
  • Maintaining compliance with Swiss law

Transparency and Notification

Overview

To ensure compliance with financial coercive measures and freezing orders, the Swiss Financial Market Supervisory Authority (FINMA) publishes relevant information on its website. FINMA also notifies financial intermediaries of changes to the list of sanctioned entities through its MyFINMA platform.

Key Responsibilities

  • Publishing information on sanctions and freezing orders
  • Notifying financial intermediaries of changes to the list of sanctioned entities
  • Maintaining compliance with Swiss law

Keeping Up-to-Date with Financial Sanctions

For those interested in staying informed about Switzerland’s sanctions regime and related news, FINMA publishes a list of recent news articles covering financial sanctions on its website.

Key Resources