You've got to hand it to those Swiss; when it comes to the Middle East, the country's banks have a major blind spot for corrupt PEPs, and their large accounts. Corrupt Palestinian PEPs have been hiding money in Swiss banks for decades. Also, not being a member of the European Union, it is not bound by international sanctions in place against Hamas. You are not going to like where Switzerland is going next.
A public announcement indicates that the Swiss intends to fund Hamas salaries, and other "expenses" of the specially-designated global terrorist organization. This means that wire transfers, originating from Swiss banks, could be orders fore goods and services for Hamas. Will banks in the European Union, and North America, now require written assurances from Switzerland, that transfers do not involve Hamas ? I see a definite increase in Country Risk for Switzerland could result from this new, dangerous Swiss policy.
It will also further alienate a portion of the global financial community, for we all remember Switzerland's dark record of business dealings with Nazi Germany, and its its denial of access to wartime accounts and insurance policies, for next of kin of Holocaust victims. Hamas' stated objective is the destruction of the State of Israel, the only democracy in a despotic Middle East, and its attack on civilian targets was condemned this week, in a report filed by Amnesty International. Its anti-Semitic platform does not play well with European democracy.
Doesn't Switzerland, already sporting a black eye from its support of wealthy American tax cheats, have enough problems on its plate ? Working with known terrorists is a major mistake. a real lapse in judgment, and there will be consequences.