Switzerland Prepares To Ban Hamas As A Terrorist Organization

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The Federal Palace, Switzerland's parliament building, in Bern, Switzerland, on Monday, March 20, 2023. UBS Group AG shares slumped Monday as investors digested the news of its historic acquisition of rival Credit Suisse Group AG and began to assess the job of integrating the troubled Swiss lender.

(Bloomberg) -- The Swiss government will draft a law to ban Hamas, designating it as a terrorist organization, according to a statement. 

Once approved by parliament, the law will bring Switzerland in line with the US and the European Union. Being classified as a terrorist organization would shut out Hamas out of the Swiss financial system and potentially deal a blow to its funding.

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Read More: Swiss Government Backs Labeling Hamas as Terrorist Organization

On Wednesday, Switzerland also ended its cooperation with three Palestinian non-governmental organizations, without naming them, saying there were breaches of conduct and anti-discrimination policies. The investigation, ordered after Hamas's deadly attack against Israel on Oct. 7, found no instances of suspect financing though.

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