New US Ambassador To Switzerland To Pursue Terrorist Funds Issue

by Ulrika Lomas, Tax-News.com, Brussels

25 September 2001

The Swiss banking sector has come under a lot of scrutiny of recent times (as indeed have the financial sectors of many jurisdictions, both offshore and on). However, despite promises from the country's Finance Minister Kaspar Villiger to cooperate with international efforts to hunt for terrorist money, it doesn't look like the pressure is likely to be eased on Switzerland any time soon.

In his first public appearance since his appointment, the new US ambassador to Switzerland, Mercer Reynolds, turned the spotlight on the financial aspects of international terrorism, and expressed his desire to pursue the question of where the funds came from, and how they were hidden.

Speaking to the Swiss-American Chamber of Commerce, the new envoy, who officially took office just hours before the attacks on the World Trade Center and the Pentagon, praised the level of economic cooperation between Switzerland and America, but stressed the need for stronger political relations and cooperation.

Yesterday's move against a list of named terror-related organisations by President Bush will increase the pressure on Switzerland to be seen to co-operate with the US.

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