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The US sanctions authority OFAC is investigating UBS over its dealings with Russian clients acquired through the Credit Suisse purchase, amid growing concerns about money laundering. UBS is reportedly cooperating and has begun blocking accounts with suspicious Russian assets, as the US intensifies pressure on Switzerland to address loopholes in its anti-money laundering laws. OFAC's frustration stems from the lack of transparency regarding beneficial ownership of assets, raising fears that Switzerland is being used to facilitate illegal funds.
The U.S. is targeting Swiss lawyers for alleged financial misconduct, raising concerns about double standards in regulatory practices. While Switzerland has made significant strides in compliance, the actions against two Zurich lawyers highlight the need for stricter due diligence obligations to maintain the country's reputation as a clean financial center. To avoid further disputes with U.S. authorities, Swiss Parliament should swiftly enact proposed legislation to address these issues and eliminate loopholes, ensuring that the financial sector remains competitive and transparent.
The U.S. has sanctioned two Zurich lawyers, Andres Baumgartner and Fabio Delcò, for facilitating illicit financial activities linked to Russian assets, including connections to Putin. Despite ongoing pressure, Swiss lawmakers have resisted tightening anti-money laundering laws, citing concerns over professional secrecy and the burden of new obligations. The U.S. ambassador has urged Switzerland to enhance its legal framework to prevent abuse for illegal financial activities, especially in light of the war in Ukraine.
Fabio Delcò
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US sanctions authority intensifies scrutiny of UBS over Russian client accounts
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us sanctions pressure switzerland to tighten anti-money laundering laws for lawyers
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21:29 30.10.2024
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