Switzerland – Page 2 – European Sanctions Enforcement

March 13, 2024 by Mark Handley

Switzerland – a new criminal investigation for sanctions breaches and a further SECO fine

It is being reported today that the Office of the Attorney General of Switzerland has commenced a criminal prosecution in a case handed to it from SECO.

Neither the name of the company involved, nor the sector, nor the alleged offences have been made public.

It is also being reported that the Office of the Attorney General has rejected a second case referred to it by SECO.

The same report quotes SECO as saying that it has received 240 reports of possible sanctions breaches and had imposed 10 penalties. As in our earlier post , last month SECO was quoted as saying it had imposed 9 fines, indicating that a further fine has been imposed since. No further details are known of this fine.

February 21, 2024 by Mark Handley

Switzerland – updated enforcement statistics including 9 fines

Sanctions enforcement statistics for Switzerland’s SECO have been reported today. These are an update on those previously published in May last year.

- 230 reports to SECO of potential sanctions breaches:
- 47 proceedings commenced, of which:
  - 18 cases remain active;
  - 9 fines imposed; and
  - 20 cases discontinued.

SECO also stated that new cases are being added all the time, and that most relate to trade sanctions.

No information was published as to the level of the fines imposed (other than “varying severity”), or the identities of those fined or being investigated or prosecuted.

February 13, 2024 by Mark Handley

Switzerland – SECO refers two cases of breaching Russian sanctions for prosecution

It has been reported today that Switzerland’s State Secretariat for Economic Affairs (SECO) has referred two of its investigations into commodity trading companies to the Attorney General’s Office for criminal prosecution.

A third, allegedly similar, case is still being investigated and has not been referred.

It is reported that the allegations relate to the attempt to use of foreign subsidiaries to undertake trade in breach of the relevant Swiss sanctions against Russia.

July 4, 2023January 11, 2024 by Mark Handley

Switzerland – investigation into oil trading company

It has been reported that the Swiss authorities are currently investigating allegations that Paramount Energy & Commodities SA has been unlawfully trading oil of Russian origin through a Dubai-incorporated subsidiary in breach of the Swiss adoption of sanctions against Russia.

May 8, 2023January 11, 2024 by Mark Handley

Switzerland – revised enforcement statistics: 130 cases

Further to our earlier post that the Swiss had nearly 100 sanctions investigations, the Swiss authorities have provided an update.

The number of investigations conducted by SECO (the State Secretariat for Economic Affairs) is now 130, with 29 of those referred for criminal prosecution.

March 14, 2023January 11, 2024 by Mark Handley

Switzerland – nearly 100 criminal investigations for sanctions breaches

The Swiss authorities have this week provided some statistics on their ongoing sanctions enforcement efforts.

They have reported a total of 100 investigations. Of those:

- - 13 investigations have been concluded without charge;
  - 23 have had criminal proceedings commenced; and
  - 60 cases remain under investigation.

While most of these relate to Russia, at least two relate to Belarus sanctions.

The majority of the investigations are said to relate to trade sanctions rather than financial sanctions.

December 1, 2022January 11, 2024 by Mark Handley

Switzerland – 30 investigations into reporting failures

It was reported today that the Swiss authorities are currently investigating 30 possible breaches of frozen asset reporting under the Swiss sanctions against Russia.

It was also stated that one of these cases had already been referred to federal prosecutors.