Swiss Bankers Association chief rejects US criticism
The head of the Swiss Bankers Association, Roman Studer, has countered earlier allegations from the United States that Switzerland may be hiding Russian oligarch money.
In an interview with the Neue Zürcher Zeitung (NZZ) published on Wednesday, Studer made the association’s position clear: “We pursue a zero-tolerance strategy towards black money.”
Combatting money laundering and terrorist financing is the top priority. Studer also said that a relatively large amount of assets was blocked in Switzerland in relation to the size of the financial centre.
The political pressure from the US is unpleasant and allegations are wrong, he said. In addition, people should not have any illusions: there is a lot of political calculation and the interests of financial centres behind this.
“You have to deal with it and do educational work,” said Studer. As a neutral country, Switzerland must be prepared for pressure coming from all sides.
+ US commission accuses Switzerland of hiding Russian assets
In addition to action, communication is also important. “We can improve in this area,” he said. In retrospect, the Swiss Bankers Association was wiser about its open communication about the assets of Russian citizens managed in Switzerland. It amounts to around CHF150 billion. “You can’t tell from this number how restrictive Switzerland is, because it also includes Russian citizens who are not at all in the sights of the sanctions,” said Studer.
+ Is Switzerland doing enough to freeze Russian assets?
From the association’s perspective, he sees few reasons against Switzerland joining the oligarch taskforce of the G7 states. In April, the federal government declined to take part in the international taskforce to track down Russian oligarch funds.
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