SWITZERLAND SHOULD BE BOYCOTTED | MONTE FRIESNER FINANCIAL NEWS |

RAISE COUNTRY RISK ON SWITZERLAND |

From the Journals of Monte Friesner = Intelligence Analyst for WANTED SA

Contributed & Written by Kenneth Rijock

The announcement this week, that the Government of Switzerland would neither adopt, nor enforce, international sanctions against the Islamic Republic of Iran, poses a clear and present danger for international banks in the European Union, and in North America. Inasmuch as Iran is desperately trying to sell its huge surplus or oil, now floating in its tanker fleet in the Persian Gulf, you can fully expect that it will go to its friendly Swiss bankers to assist in sanctions evasions. This exposes banks outside Switzerland to potential fines, penalties and sanctions, should they unwittingly assist in the indirect movement of payment for sanctioned Iranian oil.

Though I regret having to recommend sanctions on any country in Europe, in this case, Swiss actions require it. Swiss financial institutions, already suffering a black eye from actions taken by the United States against Swiss banks that have facilitated widespread American tax evasion, and with a long and sordid history of banking corrupt generals, despots, drug traffickers and sundry other organised crime elements, have now crossed the line. I do not buy the Swiss position, to wit: that it will facilitate communication between the West and Iran. Switzerland simply cannot ignore the sanctions.

Compliance officers at international financial institutions should review the situation, examine the facts, and make an educated decision on whether to raise Country Risk for Switzerland. In my humble opinion, such a decision is now a mandatory element of risk management.

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