Newsletter 1070: Federal Council adopts Venezuela Ordinance on the Freezing of Assets
Dear Sir or Madam
We would like to draw your attention to the following press release issued by the Federal Council.
On 5 January 2026, based on Article 3 of the Federal Act on the Freezing and the Restitution of Illicit Assets held by Foreign Politically Exposed Persons (FIAA; SR 196.1), the Federal Council adopted a new Ordinance on the Freezing of Assets in connection with Venezuela (Venezuela Ordinance; SR 196.127.85). The Ordinance entered into force on 5 January 2026. The Ordinance provides for the immediate freezing of all assets of any kind belonging to the 37 persons listed in its Annex. The Ordinance is available in the Official Compilation of Federal Legislation.
Persons and institutions in Switzerland that hold, manage, or have knowledge of assets belonging to persons subject to a freezing measure pursuant to Article 3 are required, in accordance with the provisions of the FIAA, to freeze such assets without delay and to report them to the Money Laundering Reporting Office Switzerland (MROS). Such persons and institutions include, among others, financial intermediaries.
For further information, please refer to the Federal Council’s press release.
Kind regards,
VQF
Financial Services Standards Association
