Switzerland Freezes Assets Of Deposed Venezuelan President Maduro

The Swiss government, on Monday, announced the immediate freezing of any assets held in Switzerland by deposed Venezuelan President Nicolas Maduro and his associates.

Switzerland said the decision followed Maduro’s seizure in Caracas during a shock United States military operation and his subsequent transfer to New York to face narco-trafficking charges.

Describing the situation as “volatile”, the Swiss government said the move was intended “to ensure that any illicitly acquired assets cannot be transferred out of Switzerland in the current situation.”

“It has therefore decided, as a precautionary measure, to freeze any assets held in Switzerland by Mr Maduro and other persons associated with him,” the government said in a statement.

According to Bern, “the asset freeze comes into force today with immediate effect and will remain valid for four years until further notice.”

The government added that “should future legal proceedings reveal that the funds were illicitly acquired, Switzerland will endeavour to ensure that they benefit the Venezuelan people.”

It clarified that “the asset freeze does not affect any members of the current Venezuelan government.”

The decision was taken under Switzerland’s Federal Act on the Freezing and the Restitution of Illicit Assets Held by Foreign Politically Exposed Persons, and comes in addition to sanctions on Venezuela that have been in force since 2018, including previous asset freezes.

The Swiss government said the new measures “target individuals who have not previously been sanctioned in Switzerland.”

Bern said it was closely monitoring developments in Venezuela and called “for de-escalation, restraint and compliance with international law, including the prohibition of the use of force and the principle of respect for territorial integrity.”

It also reiterated Switzerland’s willingness to mediate, highlighting its repeated offers of its “good offices to all sides in order to find a peaceful solution to the situation.”

Addressing the political context of Maduro’s removal, Bern said that “the reasons behind Mr Maduro’s fall from power do not play a decisive role in asset freezes… nor does the question of whether the fall from power occurred lawfully or in violation of international law.”

The government stressed that the key consideration was that “a fall from power has occurred and that it is now possible that the country of origin will initiate legal proceedings in the future with regard to illicitly acquired assets.”