Switzerland Further Updates the Ordinance of Financial Sanctions

Recently, the Federal Department of Economic Affairs, Education and Research EAER amended Annexes 8 and 23 of the Ordinance and published the amendment on its website. The changes have taken effect since early September.

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In March 2022, the Federal Department of Economic Affairs, Education and Research EAER has published an amendment to the Ordinance of 4 March 2022 on measures in connection with the situation in Ukraine.

In accordance with the provisions of the Ordinance, financial intermediaries are required to implement the prohibitions, block the assets of the sanctioned persons and report the affected business relationships to SECO. The notification to SECO does not release a financial intermediary from carrying out additional clarifications in the event of suspicions in accordance with Art. 6 AMLA and, if he is unable to eliminate them, to report them immediately to the Money Laundering Reporting Office in accordance with Art. 9 of the Anti-Money Laundering Act.

Source: FINMA