US, Switzerland Sign MOU to Improve Sanctions Enforcement Cooperation
The U.S. and Switzerland agreed this month to better share sanctions enforcement information, according to a memorandum of understanding released last week. The memorandum, signed by the Office of Foreign Assets Control and the Swiss State Secretariat for Economic Affairs, said they "express their intention to share information related to the monitoring, enforcement, and promotion of compliance with sanctions measures in force on both sides."
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Both the U.S. and Switzerland agree that a "coordinated and thorough implementation of economic and trade sanctions serve the national security and shared foreign policy interests" of both countries. They will each designate a "primary point of contact" to coordinate the information sharing, and those people "should take lead responsibility for action on issues arising from the MOU, with such actions being conducted within a mutually acceptable timeframe."
OFAC last year signed a similar memorandum with the U.K.'s Office of Financial Sanctions Implementation (see 2501130050).