Switzerland Tightens Financial Screws with Swift Sanctions Enforcement

In a move to uphold international norms and safeguard national interests, Switzerland has strengthened its financial sanctions enforcement mechanism. The country’s Embargo Act serves as the legal foundation for implementing United Nations Security Council resolutions, while Federal Council ordinances outline the specific measures to be taken.

Sanctions Ordinances and Implementation

The State Secretariat for Economic Affairs (SECO) is responsible for putting these sanction ordinances into effect. Updates to the lists of affected individuals, groups, and companies are published continuously. The annexes to these ordinances contain the names of those subject to coercive measures, ensuring that all parties are kept informed.

Independent Freezing Measures

Switzerland also reserves the right to introduce independent freezing measures to protect its own interests. The Federal Department for Foreign Affairs’ Directorate of International Law is tasked with implementing these ordinances, which are similarly updated on a regular basis.

Role of Financial Intermediaries

Financial intermediaries play a crucial role in enforcing these sanctions. MyFINMA ensures they receive timely notifications of any changes. The Swiss Financial Market Supervisory Authority (FINMA) publishes information on financial coercive measures and freezing measures on its website, keeping the public informed about Switzerland’s efforts to combat money laundering and terrorist financing.

Staying Informed

Stay up-to-date with the latest developments in Switzerland’s financial sanctions landscape by following FINMA News, which provides comprehensive coverage of all relevant updates.