Swiss Private Banker Criticises US Approach To War On Terrorist Financing

by Carla Johnson, Investors Offshore.com

21 January 2002

A leading figure in the world of Swiss private banking has criticised the United States for its use of a 'policy of power' in the hunt for money launderers and terrorist assets, saying that it can sometimes cause a 'real problem' for foreign banks.

Speaking at a meeting of the Swiss Private Bankers' Association, Jacques Rossier, partner with the Darier Hentsch private bank, condemned US demands for full jurisdiction over foreign banks with US based correspondent accounts, observing that: 'It is debatable that one should not seek to use the tried and tested method of international mutual judicial assistance in the framework of the struggle against the financial aspects of terrorism, but that one should instead use a policy of power along with its array of threats of blockage and boycott.'

He also raised concerns over the lists of names released to international banks in the immediate aftermath of the September 11th attacks, suggesting that the fact that there are many very common Arab names on the lists make it difficult for banks to verify if their clients are indeed suspected of funding terrorism, or if they merely have a similar name to a genuine suspect.

However, M. Rossier concluded that the underlying aim of the US campaign was a valid one: 'The lightning reaction of the US government (to the terrorist attacks) was to be expected and it is from our point of view totally legitimate,' he confirmed.

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