The Swiss Financial Market Supervisory Authority (FINMA) published details of a Swiss Federal Council ordinance requiring the immediate freezing in Switzerland of all assets of any kind belonging to 17 individuals listed in the annex, in the context of Syria. The ordinance entered into force on 7 March 2025 at 6 p.m. The measure is based on Article 3 of the Federal Act on the Freezing and Restitution of Illicit Assets held by Foreign Politically Exposed Persons. Persons and institutions that hold or manage in Switzerland assets of persons subject to the freeze, or have knowledge of such assets, must immediately freeze and report them to the Money Laundering Reporting Office Switzerland in line with the Act’s requirements, including where the holder is a financial intermediary.
Swiss Financial Market Supervisory Authority (FINMA) 2025-03-07
Swiss Financial Market Supervisory Authority publishes update on Swiss Federal Council ordinance freezing Syria-related assets of 17 persons
The Swiss Financial Market Supervisory Authority (FINMA) announced a Swiss Federal Council ordinance mandating the immediate freezing of assets in Switzerland belonging to 17 individuals linked to Syria. Effective 7 March 2025, this measure is pursuant to Article 3 of the Federal Act on the Freezing and Restitution of Illicit Assets held by Foreign Politically Exposed Persons. Entities managing these assets must report to the Money Laundering Reporting Office Switzerland.