Switzerland’s Financial Center: Navigating Sanctions and Global Challenges

2023-10-12 18:50:38

Published on October 12, 2023 at 8:50 p.m.

Between the fall of Credit Suisse, the difficulties of sustainable finance and the United States, which accuses Switzerland of poorly applying international sanctions once morest Russia, the year has not lacked significant issues for the financial center. Concerning the American attacks, it is up to the Federal Council to take the lead and defend Switzerland’s action, argued Denis Pittet, president of the Geneva Place Financière Foundation, during his traditional press conference on Wednesday.

Because Switzerland has taken over all of the 11 packages of sanctions imposed by the European Union, unlike nine members of the G20, including the financial centers of Dubai and Hong Kong, which have not imposed any sanctions, underlined the banker, who has chaired the Geneva finance lobby since the beginning of 2023. He also questioned the very noisy Helsinki Commission, a group of representatives of the American Congress, particularly critical of Switzerland on the question of sanctions, which carried out “incriminatory and accusatory” hearings this summer.

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