Seco tightens control of commodity trading

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The Secretary of State for Economic Affairs of Swiss radio station SRF’s “Saturday Review” said that in some cases trade with Russia is not listed separately in customs statistics. The State Secretariat of Economic Affairs (Seco) is trying to get a better overview of commodity trading. An external study was done. Figures such as the number of jobs and tax base in the raw materials sector were missing.

Within the federal government they also want to actively develop better statistics at the federal level through the raw materials platform. Budliger noted that not all commodity traders trade exclusively or mostly with Russia. Commodity traders have also “credibly” confirmed to Seco that they are now ceasing their business with Russia.

Seco also relies on other administrative bodies in the federal government, cantons and banks when enforcing its complex sanctions package. “Sanction violations are tracked and reported by us or the cantons,” said the Seco boss.

They work with customs when it comes to controls to ensure compliance, because Seco is neither the police nor the prosecutor’s office, and Switzerland does not have its own enforcement powers.

“We have to rely on companies operating in Switzerland to comply with Swiss law,” says Budliger. European neighbors and the United States gave Switzerland good marks on the enforcement of the sanctions.

(SDA)

Source :Blick