Now the G7 countries are stepping up pressure on Switzerland

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A week ago, the G7 ambassadors called on the Swiss state government to become more cooperative in seeking oligarch funds. As the “Tagesanzeiger” now reports, the merger of the industrialized countries is now increasing the pressure on Switzerland again.

This is evident from an explosive letter from the G7 countries to the Federal Council, which is currently causing a stir in Bern. The accusations in it are harsh: Switzerland is insufficiently implementing sanctions against Russian oligarchs. The letter is available to the editors of the “Tag Anzeiger”.

Frozen oligarch funds are not enough

First of all, the authors, who are ambassadors for Germany, the US, France, Italy, Canada, Great Britain and Japan, as well as the EU, which only has observer status at the G7, praise Switzerland.

It is important that Switzerland has joined the EU sanctions. But then the ambassadors get to work and express their critical fears regarding Switzerland.

Among other things, according to this, concerns have arisen that Swiss data protection regulations, which are intended to protect litigants, “could also be used to cover up the traces of parked assets (‹financial shelter›)”. There are also concerns that privacy protections will deter law enforcement from investigating illegal financial structures.

But that is not everything. The G7 states accuse Switzerland of freezing Russian assets of 7.5 billion francs too low. However, the ambassadors do not reveal how they arrived at this claim: “Independent sources estimate that the total amount held in Switzerland could be significantly higher.”

Loopholes could jeopardize Switzerland’s reputation

The demands of the G7 states to the Federal Council are therefore clear: Switzerland should “take further steps to clarify the distinction between protecting the privacy of those seeking justice and those who abuse privacy to protect beneficial owners “.

As the paper goes on to write, the latter targets Russian elites and Russian businessmen who have assets in Switzerland. As the ambassadors write, there are fears that such “loopholes could endanger Switzerland’s reputation”.

The industrialized countries therefore advise Switzerland to actively investigate suspicious financial constructions, better coordinate the responsible Swiss authorities, increase investigative resources and “consider further guidelines for regulatory compliance”.

Finally, the ambassadors are again urging Switzerland to join the so-called Repo Task Force. The purpose of this is to track down and confiscate hidden funds of the Russian elite and Russian businessmen. It is regrettable that Switzerland has so far decided not to participate fully in the task force.

Switzerland wants to invite ambassadors for debate

As the “NZZ” reported, the Federal Council handed over the letter from the G7 countries to the State Secretariat of Economic Affairs for examination. According to the “Tagesanzeiger”, the federal government contradicted the ambassador’s letter point by point in a statement. According to the Ministry of Economic Affairs, the allegations in the G7 letter are not correct.

In particular, the accusation that the frozen Russian assets of 7.5 billion francs are too low caused misunderstanding at the State Secretariat of Economic Affairs (Seco). After all, the amount corresponds to more than a third of the sum of 21.5 billion frozen across the EU.

It is also said that all eight ambassadors will be invited for an enlightening debate. (dzc)

Source:Blick