Practical considerations regarding the implementation of economic sanctions by Swiss financial service providers

Fabian Maximilian Johannes Teichmann and Chiara Wittmann

Journal of Money Laundering Control, 2023, vol. 27, issue 1, 51-59

Abstract: Purpose - The purpose of this paper is to discuss the practical problems which Swiss financial service providers face following the government’s decision to implement economic sanctions. Design/methodology/approach - The practical problems of implementation are based on the identified methods of circumvention in the first author’s empirical research on the mechanisms of money laundering. Findings - Secure anti-money laundering mechanisms promote the smooth implementation of sanctions. Despite the novelty of specific sanctions requirement, it is possible to have a supportive framework in place. Also, there remain a number of practical hurdles for Swiss banks to overcome, including the pressure on sanction alignment and the significant threat of noncompliance. Originality/value - The sanctions imposed on Russia in 2022 are largely examined either from a broad political perspective or from the finite details of a business consultancy perspective. This paper aims to reconcile both perspectives to illustrate how the concrete problems of sanction implementation becomes evident in the wider political picture.

Keywords: European Union; Compliance; Economic sanctions; Sanction circumvention (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-12-2022-0167

DOI: 10.1108/JMLC-12-2022-0167

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