Switzerland Combats Financing of Terrorism through International Cooperation and Domestic Legislation

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Switzerland has been actively involved in the global fight against terrorist financing, implementing a range of measures to combat this scourge. The country is committed to complying with United Nations Security Council resolutions and has adopted an ordinance detailing financial sanctions against al-Qaeda and the Taliban.

Implementing UN Mandate

The UN Security Council has mandated member states to work together closely to combat terrorist financing by freezing the assets of terrorists and terrorist organisations. Switzerland has implemented this requirement through its anti-terrorist finance legislation, which includes compulsory notification of the State Secretariat for Economic Affairs (SECO) in cases where assets are frozen.

Anti-Money Laundering Measures

Switzerland uses its existing anti-money laundering structures and procedures to implement sanction targets. The Security Council’s lists of terrorist organisations are forwarded to financial intermediaries, who check client relationships with due diligence under the Anti-Money Laundering Act (AMLA). In cases where suspicion is well-founded, financial intermediaries report matters to the Money Laundering Reporting Office Switzerland (MROS) in accordance with AMLA provisions. This triggers the freezing of identified assets.

Publicly Available Information

Financial sanctions against terrorism are published on FINMA’s website, and the MyFINMA Service keeps financial intermediaries informed of the latest developments. The following reports have been issued by FINMA:

• [List of FINMA reports on financial sanctions against terrorism]

Switzerland’s Role in Combating Terrorism Financing

Through its domestic legislation and international cooperation, Switzerland is playing an important role in combating the financing of terrorism and disrupting the activities of terrorist organisations.