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New Swiss law for bad money return likely
LAHORE: In what might serve as an eyebrow raising development for President Asif Zardari and his associates, the Swiss parliament is expected to pass a law anytime after April 16, 2010 to facilitate repatriation of illicit foreign assets parked in its banks, as the Federal Council in this globally renowned tax haven has already prepared the recommendations in this regard, Switzerlands federal department for foreign affairs revealed on its website.
Though the Swiss Confederation admits its limitations in cases where the states concerned are unable to conduct national criminal procedures, as has been the case with the assets of Congos authoritarian Mobutu and Haitis dictator Duvalier, it officially claims that it has returned more than 1.7 billion Swiss Francs during the last 15 years to countries like Peru, Nigeria and Philippines, that were plundered by their rulers Messrs Vladimiro Montesinos, Sani Abacha and Ferdinand Marcos, respectively.
The website of the Swiss federal department for foreign affairs further reads: this situation is a result of the quality of the legal instruments at Switzerlands disposal and the political will to prevent the Alpine nation from becoming a safe haven for the proceeds of the illegal activities of corrupt officials worldwide.
The website claims Switzerland now leads the world in returning plundered assets to the countries of origin concerned, acknowledges the fact that heads of state, top public officials and high-profile politically-exposed persons (PEPs) deprive their respective countries of capital and hinder the development processes to illegally enrich themselves through state funds.
The Swiss government admits these so-called potentate funds or dictators assets are frequently sent out of their countries and invested in international financial centres, asserting that the picturesque Confederation has a fundamental interest in ensuring that assets of criminal origin are not invested on its soil.
It maintains that the Swiss laws to combat money laundering, corruption and financing of terrorism are effective means of keeping out these potentate funds. The Swiss federal department for foreign affairs has felt the need that these potentate funds or dictators assets, that manage to enter Switzerland despite comprehensive precautionary measures, have to be identified and repatriated to their countries of origin.
Citing the examples of the Montesinos case (Peru, 2002), the Marcos case (Philippines, 2003), the Abacha case (Nigeria, 2005), the Kazakh assets case (Kazakhstan, 2007) and President Salinas case (Mexico, 2008), the Swiss state institution acknowledges that individual cases have attracted considerable publicity in the past on account of the high profile of the people and the hefty amounts of money involved.
It, however, divulges to its readers that some cases, including those pertaining to Haitian President Jean-Claude Duvalier and Congos defamed President Mobutu are particularly complex to solve.
To recap, the assets of the former Haitian dictator Jean-Claude Duvalier, approximately six million Swiss francs in value, are being kept frozen in the framework of a mutual legal assistance request between the governments of Haiti and Switzerland.
The freezing of Mobutus assets in conformity with the decision taken on April 30, 2009 by the Federal Council (Swiss Government) has hence been lifted despite 12 years of efforts on part of Switzerland to return them, claims the website.
According to the Swiss federal department for foreign affairs, Switzerland has launched several initiatives to promote an internationally coordinated action to combat the potentate funds. It has proposed the setting up a common front to prevent the inflow of such funds, to quickly freeze assets of criminal origin and return them to their rightful owners.
Reiterating strongly that returning the stolen or embezzled funds is its priority, the Swiss government further states on its website that it cooperates with the countries concerned to find ways to return these assets, adding it considers it important that such funds do not flow back into the pool of criminal financial capital after being returned to their soil of origin.
The Swiss federal department for foreign affairs stresses that if it is obvious that the origin of the funds is unlawful, Switzerland is even empowered to return such funds to the state concerned without a final and executable order of confiscation, as it had done in Gen Abachas case.
New Swiss law for bad money return likely
LAHORE: In what might serve as an eyebrow raising development for President Asif Zardari and his associates, the Swiss parliament is expected to pass a law anytime after April 16, 2010 to facilitate repatriation of illicit foreign assets parked in its banks, as the Federal Council in this globally renowned tax haven has already prepared the recommendations in this regard, Switzerlands federal department for foreign affairs revealed on its website.
Though the Swiss Confederation admits its limitations in cases where the states concerned are unable to conduct national criminal procedures, as has been the case with the assets of Congos authoritarian Mobutu and Haitis dictator Duvalier, it officially claims that it has returned more than 1.7 billion Swiss Francs during the last 15 years to countries like Peru, Nigeria and Philippines, that were plundered by their rulers Messrs Vladimiro Montesinos, Sani Abacha and Ferdinand Marcos, respectively.
The website of the Swiss federal department for foreign affairs further reads: this situation is a result of the quality of the legal instruments at Switzerlands disposal and the political will to prevent the Alpine nation from becoming a safe haven for the proceeds of the illegal activities of corrupt officials worldwide.
The website claims Switzerland now leads the world in returning plundered assets to the countries of origin concerned, acknowledges the fact that heads of state, top public officials and high-profile politically-exposed persons (PEPs) deprive their respective countries of capital and hinder the development processes to illegally enrich themselves through state funds.
The Swiss government admits these so-called potentate funds or dictators assets are frequently sent out of their countries and invested in international financial centres, asserting that the picturesque Confederation has a fundamental interest in ensuring that assets of criminal origin are not invested on its soil.
It maintains that the Swiss laws to combat money laundering, corruption and financing of terrorism are effective means of keeping out these potentate funds. The Swiss federal department for foreign affairs has felt the need that these potentate funds or dictators assets, that manage to enter Switzerland despite comprehensive precautionary measures, have to be identified and repatriated to their countries of origin.
Citing the examples of the Montesinos case (Peru, 2002), the Marcos case (Philippines, 2003), the Abacha case (Nigeria, 2005), the Kazakh assets case (Kazakhstan, 2007) and President Salinas case (Mexico, 2008), the Swiss state institution acknowledges that individual cases have attracted considerable publicity in the past on account of the high profile of the people and the hefty amounts of money involved.
It, however, divulges to its readers that some cases, including those pertaining to Haitian President Jean-Claude Duvalier and Congos defamed President Mobutu are particularly complex to solve.
To recap, the assets of the former Haitian dictator Jean-Claude Duvalier, approximately six million Swiss francs in value, are being kept frozen in the framework of a mutual legal assistance request between the governments of Haiti and Switzerland.
The freezing of Mobutus assets in conformity with the decision taken on April 30, 2009 by the Federal Council (Swiss Government) has hence been lifted despite 12 years of efforts on part of Switzerland to return them, claims the website.
According to the Swiss federal department for foreign affairs, Switzerland has launched several initiatives to promote an internationally coordinated action to combat the potentate funds. It has proposed the setting up a common front to prevent the inflow of such funds, to quickly freeze assets of criminal origin and return them to their rightful owners.
Reiterating strongly that returning the stolen or embezzled funds is its priority, the Swiss government further states on its website that it cooperates with the countries concerned to find ways to return these assets, adding it considers it important that such funds do not flow back into the pool of criminal financial capital after being returned to their soil of origin.
The Swiss federal department for foreign affairs stresses that if it is obvious that the origin of the funds is unlawful, Switzerland is even empowered to return such funds to the state concerned without a final and executable order of confiscation, as it had done in Gen Abachas case.
New Swiss law for bad money return likely
