Sanctions and FATF statements

International sanctions can be directed at states, individuals or legal entities and can affect the financial market. FINMA publishes information on coercive measures for enforcing international sanctions and financial sanctions against terrorism on its website.

Economic or trade embargos, independent freezing measures

A frequently applied international sanction is the economic or trade embargo. Such an embargo may include the complete or partial interruption of economic relations. Switzerland implements sanctions imposed by UN Security Council resolutions via ordinances issued by the Federal Council on the basis of the Embargo Act. The Federal Council may also enact independent freezing measures to safeguard Swiss interests.

Combating terrorist financing

International efforts to combat terrorist financing also rest on UN Security Council resolutions. UN member countries must have procedures in place for freezing the assets of terrorists and terrorist organisations. The UN Security Council may also enact targeted financial sanctions against individuals and organisations which it has identified (listed) as terrorist. Switzerland implements these provisions via the existing structures and procedures of its anti-money laundering legislation or in decrees based on the Embargo Act.

FATF statements

The Financial Action Task Force (FATF) is an international body whose purpose is to develop and promote measures to combat money laundering, terrorist and proliferation financing. Switzerland is a member of FATF.

FINMA calls on all financial intermediaries to take the FATF information into account in their risk management strategies. It also requests recognised self-regulatory organisations to inform their members.

FINMA publishes information on statements issued by FATF regarding high-risk and other monitored jurisdictions on its website and via MyFINMA.