Swiss bank UBS has defended itself for blocking transactions to benefit pro-Palestinian groups based in Switzerland.
This content was published on
1 minute
swissinfo.ch and agencies
The bank has stopped such payments in the past but the issue was rekindled on Wednesday when the bank said it was obligated to respect “legal provisions” regarding embargoes and sanctions.
The Geneva-based Le Matin newspaper reported that about ten Swiss people or groups sympathetic to the Palestinian cause – namely Urgence Palestine – had money transfers blocked by UBS.
The decision “is not linked to political motives but to an assessment of risks associated with such transactions”, the bank said in a statement.
“UBS must respect the hundreds of legal provisions” in terms of “international decisions concerning embargoes and sanctions”, the bank added.
Transactions bound for other “recognised organisations”, such as the International Committee of the Red Cross (ICRC), Caritas and the United Nations have been carried out even after rules tightened in 2008, UBS noted.
The bank has also limited transactions related to business with Iran, North Korea, Myanmar, Sudan and Syria since 2005.
In 2008 families of victims killed by bombings and rocket attacks in Israel sued UBS for $500 million (SFr483 million) for allegedly financing terrorism through money transfers. UBS has called the lawsuit “groundless”.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
UBS to face bombings lawsuit
This content was published on
The lawsuit, filed in New York, accuses the bank of helping fund the organisations behind the attacks through dealings with Iran. It seeks damages for more than 50 United States citizens who were injured in Israel between 1997 and 2006 or for relatives of people killed. US government reports say Hezbollah, Hamas and Palestinian Islamic…
This content was published on
His new documentary Aisheen (Still alive in Gaza), which is being shown in Switzerland and France, takes a compelling, humanist look at the suffering and vitality of the residents of Gaza as they struggle daily to survive. Shot a few weeks after the end of Israel’s January 2009 offensive on Gaza, the film, which features…
This content was published on
A Memorandum of Understanding signed by the Palestine Red Crescent Society (PRCS) and Magen David Adom (MDA) of Israel marks its fourth anniversary this week. Facilitated by Swiss Foreign Minister Micheline Calmy-Rey, the agreement paved the way for the admission of the two neighbouring organisations to the International Federation of the Red Cross and Red…
This content was published on
Photographer Kai Wiedenhöfer documented life in the Occupied Territories. In the 1990s, he lived in the Gaza Strip and was known “Habib al-Shaab” – Friend of the People. He travelled with his cameras thousands of kilometres throughout the small enclave on his motorbike, observing changes over more than a decade. Wiedenhöfer speaks Arabic and relied…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.