ARTICLE · 13 MARCH 2024

Legal Compass: International Sanctions

Eversheds Sutherland

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The Swiss State Secretariat for Economic Affairs ("SECO") updated its "Frequently Asked Questions" ("FAQs") on 21 December 2023.

SwitzerlandInternational Law

Patrick Eberhardt

Tigran Serobyan

The Swiss State Secretariat for Economic Affairs ("SECO") updated its "Frequently Asked Questions" ("FAQs") on 21 December 2023. It contains, amongst other things, clarifications regarding reporting duties.

Bank face increased reporting duties (that partially apply retroactively). Reporting deadlines are very tight.

1. Additional reporting of frozen assets

Financial institutions are now required to provide SECO with updated figures on all amounts blocked due to the asset freeze under article 15 of the Ordinance as per 31 December 2023 .

This additional reporting must be made exclusively by means of the template Excel table provided on the SECO website . This obligation also applies if no movements occurred.

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