Attorneys Andres Baumgartner and Fabio Delcò criticized both U.S. authorities and the U.S. ambassador to Switzerland, Scott Miller, insisting that the accusations are politically motivated.

«In our practice as lawyers and financial intermediaries, we have always complied with all applicable laws and regulations, including sanctions law,» they state in a joint communiqué from Thursday.

Defamatory Allegations

They have neither conducted any transactions to circumvent sanctions nor advised anyone in this regard. «Contrary statements from the US authorities are false and constitute defamatory allegations.»

The lawyers emphasize that during their more than 30 years of legal practice, they have never been held criminally or disciplinarily accountable.

Sanctions Are Being Instrumentalized

They wish to place the actions of the Office of Foreign Assets Control (OFAC) against them in a larger context. This severely undermines the work of independent lawyers in Switzerland.

The US is misusing sanctions to bring international financial centers like Switzerland under their «total influence and comprehensive control,» ultimately weakening them in international competition. They are using sanctions to «spread fear and terror among banks, asset managers, and lawyers.»

The accusation against Switzerland that it is doing too little to locate and freeze Russian assets — and for not subjecting lawyers and fiduciaries to anti-money laundering regulations — is seen as absurd, they further argue. They point out similar shortcomings in the U.S., where customer identification requirements at banks and law firms remain underdeveloped.

«Switzerland is wise not to yield to US pressure, certainly not because of two scapegoats, and potentially more to follow.»