Treasury’s Office of Foreign Assets Control (OFAC) and the Swiss State Secretariat for Economic Affairs (SECO) have signed a Memorandum of Understanding (MOU) to deepen cooperation on economic sanctions enforcement through enhanced information sharing.
The agreement acknowledges the shared commitment of the United States and Switzerland to strengthen compliance with sanctions targeting threats to national and international security, including terrorism, weapons proliferation, and human rights abuses.
It outlines a framework for coordinated information exchange, conducted in accordance with each side’s respective domestic legal obligations, including the U.S. Privacy Act, the Trade Secrets Act, and Switzerland’s Embargo Act (SR 946.231).
Under the MOU, OFAC and SECO intend to:
• Exchange information related to sanctions monitoring and enforcement;
• Designate points of contact to coordinate cooperation efforts;
• Apply strict safeguards to protect confidential, private, or sensitive information;
• Restrict access to shared data to personnel with a legitimate official need.
The MOU explicitly does not create legally binding rights or obligations and does not obligate the expenditure of funds. It preserves the discretion of each Participant to withhold or limit information sharing based on applicable laws, policy, or the sensitivity of the information.
“This MOU reflects our shared recognition that coordinated sanctions enforcement is essential to protecting our respective national security and foreign policy interests,” said Lisa M. Palluconi, Acting Director of OFAC.
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