Headlines
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 readLast updated: February 28, 2026
Quick Summary
The U.S. Treasury is dispatching a senior official to Switzerland next week to enhance cooperation with Swiss regulators and bankers in combating illicit finance, following Switzerland’s move to liquidate MBaer Merchant Bank over money‑laundering and sanctions violations.
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.
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.
(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
Frequently Asked Questions about US Treasury official to meet with Swiss regulators, bankers on illicit finance next week
1Why 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.
2What 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.
3What 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.
4When are the meetings between the US Treasury and Swiss officials scheduled?
The meetings are scheduled for Monday and Tuesday next week.
5Which sanctions are related to the discussions?
The discussions are related to sanctions on Russia and Iran.
