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US Treasury official to meet with Swiss regulators, bankers on illicit finance next week

Published by Global Banking & Finance Review

Posted on February 28, 2026

1 min read

· Last updated: April 2, 2026

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US Treasury official to meet with Swiss regulators, bankers on illicit finance next week
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WASHINGTON, Feb 27 (Reuters) - The U.S. Treasury said on Friday it would send a senior Treasury official to Switzerland to discuss deeper U.S.-Swiss cooperation to fight illicit finance after Swiss

Senior US Treasury Official to Visit Switzerland for Finance Talks

US-Swiss Collaboration on Financial Regulation

WASHINGTON, Feb 27 (Reuters) - The U.S. Treasury said on Friday it would send a senior Treasury official to Switzerland to discuss deeper U.S.-Swiss cooperation to fight illicit finance after Swiss regulators moved to shut down a small Swiss private bank accused of money-laundering violations and breaches of sanctions on Russia and Iran.

Meetings with Swiss Officials

A Treasury spokesperson said the unidentified official would meet on Monday and Tuesday with Swiss government and private sector officials to discuss priorities for U.S. and international sanctions and efforts to combat illicit finance threats.

Focus on Illicit Finance

(Reporting by David Lawder; Editing by Chris Reese)

Key Takeaways

  • The Treasury visit aims to bolster U.S.‑Swiss coordination on enforcing international sanctions and financial integrity standards
  • Swiss regulator FINMA revoked MBaer’s banking licence after finding serious AML shortcomings and high‑risk business exposure
  • MBaer, founded in 2018, handled over CHF 4.9 billion in client assets, with nearly all incoming funds from high‑risk clients and ties to Russia, Iran, and Venezuela illicit networks

References

Frequently Asked Questions

Why is a US Treasury official traveling to Switzerland?
A US Treasury official is visiting Switzerland to discuss deeper cooperation with Swiss regulators and bankers to combat illicit finance.
What recent actions did Swiss regulators take against banks?
Swiss regulators moved to shut down a small Swiss private bank accused of money-laundering violations and breaches of sanctions.
What issues are being discussed in the US-Swiss meetings?
The meetings will focus on priorities for US and international sanctions and efforts to fight illicit finance threats.
When are the meetings between the US Treasury and Swiss officials scheduled?
The meetings are scheduled for Monday and Tuesday next week.
Which sanctions are related to the discussions?
The discussions are related to sanctions on Russia and Iran.

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