SECO amends Nizar Al-Assad Syria sanctions listing

News

01 October 2019 

International sanction

Updated sanction message

The Federal Department of Economic Affairs, Education and Research WBF has published an amendment to Annex 7 of the Ordinance of 8 June 2012 on Measures against Syria (SR 946.231.172.7).

On 27 September 2019, the Federal Department of Economic Affairs, Education and Research WBF amended the list of persons, companies and organizations sanctioned in this context. The change is directly applicable in Switzerland. The WBF has therefore adjusted the Swiss sanctions database SESAM (SECO Sanctions Management), which is relevant for Switzerland, and published the adaptation on its website . The change will take effect on 1 October 2019 at 18.00.

Financial Intermediaries are requested to immediately block the relevant assets and to report such business relationships to SECO in accordance with the provisions of the Regulation. Notification to SECO does not release a financial intermediary from reimbursing reports to the Money Laundering Reporting Office without delay if the requirements are fulfilled, in accordance with Art. 9 of the Money Laundering Act. 

Earlier today, Swiss authorities updated the following Syria sanctions listing:

SSID: 200-11857 Name: Nizar al-AsaadAl-Assad

Sex: M Good quality a.k.a.: a) Nizar AsaadAl-Asad b) Assad c) Asad

Justification: Leading Syrian businessperson with close ties to the regime. Cousin of Bashar Al-Assad, and associated with the Assad and Makhlouf families. As such, has been participating in, benefitting from or otherwise supporting the Syrian regime. Leading oil investor and previously head of the ‘Nizar Oilfield Supplies’ company. Relation: Cousin of Bashar Al-Assad (SSID 200-11614) Modifications: Amended on 6 Nov 2013, 19 Jan 2016, 12 Jun 2018, 13 Aug 2019, 1 Oct 2019

Links:

FINMA Notice

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