Switzerland Tightens Screws on Terrorist Financing, Implements UN Sanctions

In a concerted effort to combat international terrorist financing, Switzerland has taken a significant step by implementing strict financial sanctions against designated targets. The country’s Federal Council has adopted an ordinance detailing the measures to be taken against al-Qaeda and the Taliban, two notorious terrorist organizations.

Responding to UN Resolutions

The move comes in response to resolutions adopted by the United Nations Security Council, which are binding in international law. As a member state, Switzerland is obligated to work closely with other UN members to prevent the financing of terrorism. The Security Council’s lists of terrorist organizations are forwarded to financial intermediaries, who are required to conduct due diligence on client relationships and report any suspicious transactions to the Money Laundering Reporting Office Switzerland (MROS).

Implementation of Financial Sanctions

The ordinance adopted by the Federal Council provides for compulsory notification of the State Secretariat for Economic Affairs (SECO) in cases where assets belonging to designated individuals or organizations are identified. Financial sanctions are published on the website of the Swiss Financial Market Supervisory Authority (FINMA), which also provides a service to keep financial intermediaries informed of the latest occurrences.

Key Measures:

• Compulsory notification of SECO for identified assets
• Publication of financial sanctions on FINMA’s website
• Service for financial intermediaries to stay updated on latest occurrences

Disrupting Terrorist Financing

According to sources, the implementation of these measures is aimed at preventing the flow of funds to terrorist groups and disrupting their ability to carry out operations. The move is seen as a significant step in Switzerland’s efforts to combat terrorist financing and its reputation as a key player in international anti-money laundering efforts.

FINMA’s Efforts

In related news, FINMA has reported that financial sanctions against terrorism are regularly updated on its website. The agency emphasizes the importance of vigilance among financial intermediaries in identifying and reporting suspicious transactions, highlighting the need for cooperation between governments and private sector actors to prevent terrorist financing.