Swiss police sent a tip-sheet to several banks and asset managers on how to spot suspicious payments directed to Hamas.
Such payments are “often carried out under the guise of fundraising campaigns for humanitarian aid,” the police says in a letter cited by public broadcaster SRF. The request to send funds via cryptocurrencies or social media should also be a cause for suspicion.
Last month, Switzerland’s top prosecutor announced the start of a criminal investigation into alleged payments to Hamas.
The group isn’t labeled as a terrorist organization in Switzerland, unlike in the US and in the European Union. After the Oct. 7 attack on Israel, which killed more than 1,400 people, both the Swiss government and parliament have signaled that they want to change this. But the process will likely take months and the approval of a new law.
Terrorist Label
The terrorist label would make it more difficult for the group to collect and route funds through the country. Foreign Minister Ignazio Cassis said in October that the government was confident that Hamas was not using the country’s banks for its financing.
With the letter, the police wants to raise awareness among financial institutions rather than provide new information to money laundering experts, according to SRF.
The Swiss banking association said the letter was a “suitable tool that supports banks in better identifying suspicious transactions.”
Hamas can theoretically open bank accounts in Switzerland, finance and law expert Mark Pieth told Bloomberg in October. There are smaller banks specialized on Islamic banking with branches in the country that might offer services to organizations such as Hamas, he said at the time.
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Israel said it is providing “quick humanitarian windows” to allow people to flee northern Gaza as the military fights Hamas near the heart of Gaza city.
(Updates with context from third paragraph.)
