After bankers and commodity traders, the Americans are now targeting the country’s Swiss lawyers. As always, it’s all about the money.
Why can there never be a revolution in the USA?
Because there is no Embassy of the United States of America there.
Bringing about change the hard way
The old joke is intended to illustrate that the diplomatic representations of the USA are usually responsible for changes in their host countries, or at least help them along.
In Switzerland, of course, it’s not about a revolution, but the Americans want to push through changes here, too.
Two Swiss lawyers pilloried
This week, US ambassador Scott Miller once again ranted loudly that Switzerland was ‘allowing too many loopholes’ in the serious observance of the West’s sanctions against Russia.
“Sanctions evaders and illegal financial intermediaries pose a significant threat to the financial systems of the United States and other countries,” spruiked the US ambassador, explaining that the US had blacklisted two Swiss lawyers for allegedly helping Russian clients to circumvent sanctions.
Legal situation as the real problem
Andres Baumgartner and Fabio Libero Delco were named immediately.
They had facilitated the illegal flow of money and at the same time avoided supervision due to a loophole in Swiss law.
Switzerland allows lawyers to act as non-financial intermediaries under the guise of their profession without due diligence or reporting obligations.
That pulled the real problem out of the bag. It’s not about those two lawyers at all, but about Parliament – which refuses to bend.
No slip-up in public
“We continue to call on Switzerland to close the loopholes in its anti-money laundering (AML) legislation to ensure that lawyers acting as non-financial intermediaries are subject to AML monitoring requirements, to improve the management of the financial industry and to strengthen the enforcement of sanctions,” were the specific demands made by Miller.
Now, a diplomat never says anything explosive in public unless it has been coordinated with headquarters back in the home country.
This is also the case in the USA, even if its president, like Joe Biden, is already quite senile.
Little Switzerland in the firing line
After the successful Swiss private banks around Pictet, Mirabaud & Co. and the successful Swiss commodity traders around Glencore, Trafigura, Gunvor & Co., the lucrative business of Swiss lawyers is now a thorn in the side of the USA.
The USA cannot control what it would like to control and is therefore building up the pressure.
Little Switzerland itself has no sanctions at all, but only joins those of its community of values.
With regard to Russia, Switzerland has only adopted EU sanctions, and this is probably only to escape pressure from the USA.
Swiss banks help the USA
If the Swiss end up on the ominous Ofac list of the USA, it is virtually impossible for them to lead a normal life.
All their money and assets are frozen worldwide from one day to the next. Swiss banks are definitely playing the role of the USA’s accomplices.
Even the public assurances of the two lawyers Baumgartner and Libero Delco that they have not broken any Swiss law are of no use.
They will have to try to get off this Ofac list in court in the USA.
Official Switzerland does nothing
Baumgartner and Libero Delco are both directors of Russian organizations, the US Treasury Department specifically stated.
The two lawyers will probably have to start there before the Americans move to remove them from the Ofac list.
Switzerland does not protect its citizens at all in such cases if another country simply puts Swiss citizens on any list whatsoever. Of course, the USA is not just any country, but people in democracies also have rights and the authorities must abide by them.
Copying successful business models
Ultimately, however, trusts and fiduciary companies show very clearly that it is actually all about money in the background.
This was the case with the fall of Swiss banking secrecy. Since then, Swiss financial institutions have struggled to find a functioning business model. This is the case with Swiss commodity traders, whose success the USA would like to understand and bring to the US.
Swiss lawyers also earn millions in legal advice, but nothing is transparent. This is precisely what bothers the Americans and they want Switzerland to change the legal situation.
Playing a pioneering role
However, changes are also needed in the USA, where the shadow economy is flourishing and the United States is also creatively playing a pioneering role in money laundering.
But instead of pointing fingers at others, like the US ambassador in Switzerland, the USA could perhaps set up its own embassy in its own country.
That would be a first and would perhaps trigger a revolution there.
02.11.2024/kut./ena.
