SWI SECO, SWI GVT split ordinance on measures against persons/entities associated with Osama bin Laden, the Al-Qaeda group or Taliban into two separate ordinances.
This decision reflects several resolutions of the UN Security Council.
Two Ordinances
In 1999, the UN Security Council imposed sanctions against Al-Qaida and the Taliban in response to the threat posed by its international peace and security groups.
Switzerland joined these sanctions by issuing the ordinance instituting measures against persons/entities linked to Osama bin Laden, the Al-Qaeda group or Taliban.
In 2011, the UN Security Council divided these sanctions into two separate regimes, one targeting individuals and entities linked to the Taliban and the other individuals and entities linked to Al-Qaeda and, since 2015, the Islamic State (ISIL).
As enforcement measures remained unchanged, no adjustments were necessary for SWI, which continued to cover both UN sanctions regimes by the same ordinance.
Recently, UN has made further changes to the regimes, incl humanitarian exceptions.
Switzerland decided to split the current ordinance in two to reflect this development.
Effectiveness
The ordinances enter into force on May 15, 2025.
Regulators
SWI GVT; SWI SECO
Entity Types
B/D; Bank; Ins; Inv Co; MSB
Reference
PR, 3/21/2025
Functions
AML; Compliance; Financial; Human Rights; Legal; Operations; Reporting; Risk; Sanctions
Countries
Switzerland; Cross-Border
Category
State
N/A
Products
Banking; Clearing; Deposits; Fund Mgt; Insurance; Loan; Securities
