Newsletter 174 from February 15, 2011 International Sanction

New Ordinance on Sanctions against Certain Persons from the Arab Republic of Egypt

On 11 February 2011, based on Article 184 Paragraph 3 of the Constitution of the Swiss Confederation, the Federal Council passed a new Ordinance on Sanctions against Certain Persons from the Arab Republic of Egypt. This Ordinance came into force on 11 February 2011. Article 1 of the Ordinance provides for the blocking of funds and financial resources. The 12 persons concerned are listed in the Appendix. The Ordinance is available for consultation in the official Compendium of Federal Law.

The associated press release issued by the Federal Department of Foreign Affairs (FDFA) is available for consultation at:
http://www.eda.admin.ch/eda/de/home/recent/media/single.html?id=37632

In accordance with the provisions of the Ordinance on Sanctions against Certain Persons from the Arab Republic of Egypt, financial intermediaries are requested to report relevant business relationships to the Directorate of International Law (DIL) of the Federal Department of Foreign Affairs (FDFA), and to block the associated assets. Reporting to the DIL does not release the financial intermediary from its obligation to immediately report to the Reporting Center for Money Laundering in accordance with Article 9 of the Money Laundering Act.