European Body Rebukes Switzerland Over Handling of Magnitsky Fraud Funds

The Parliamentary Assembly of the Council of Europe overwhelmingly criticized Swiss authorities for releasing and failing to recover millions linked to the Magnitsky tax‑fraud scheme, urged Switzerland to refreeze assets and recalculate confiscation amounts after a Swiss Federal Supreme Court ruling, and called for use of all legal avenues to trace funds moved abroad — warning that inaction could prompt scrutiny from the Financial Action Task Force.