UBS adopts new anti-terror policies
Apr 01, 2006
In late 2005, in response to Federal Reserve, Congressional, and grassroots pressure initiated by Divest Terror, UBS adopted a uniform, worldwide economic sanctions policy that combines U.S., E.U., U.N. and Swiss measures against countries, regimes, terrorists, narcotics traffickers, and proliferators of weapons of mass destruction. These measures are not applied to just their US subsidiary but collectively and globally to all UBS’s businesses.
Their new policy tracks economic sanctions imposed by the United States, Switzerland, the EU and the UN and applies them to all their transactions. As a result, UBS has decided to exit business in Iran, Cuba, Syria, Sudan, North Korea, and Myanmar. (Where permitted by U.S. law, limited business with individuals in those countries that have no affiliation with their governments may be accepted.)
