US Treasury sanctions two Swiss lawyers for aiding Russian clients

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has added two Swiss lawyers to the sanctions list. They are said to have created companies and trusts to help Russian clients evade sanctions. + Get the most important news from Switzerland in your inbox According to a press release from the US Embassy in Switzerland on Wednesday, the two individuals are said to have facilitated the illicit flow of funds. They avoided oversight due to a loophole in Swiss law that allows lawyers to serve as non-financial intermediaries under the guise of their profession without due diligence or reporting requirements. “Switzerland is both a global financial hub and a key part of the international sanctions framework,” said US Ambassador Scott Miller in the press statement. “It can and must do more to ensure its legal framework is not used for illicit financial activity.” He urged Switzerland to close the loopholes in its anti-money laundering (AML) legislation to ensure ...