Switzerland freezes assets linked to captured Venezuelan president

ISTANBUL

The Swiss Federal Council on Monday froze the assets linked to the captured Venezuelan President Nicolas Maduro following the recent US military action.

"The Federal Council wants to ensure that any illicitly acquired assets cannot be transferred out of Switzerland in the current situation. Under the Federal Act on the Freezing and the Restitution of Illicit Assets Held by Foreign Politically Exposed Persons (FIAA), 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 council announced in a statement.

It reaffirmed that the asset freeze does not affect current Venezuelan government members and it is in addition to the sanctions against Venezuela that have been in place since 2018 under the Embargo Act.

"The new asset freezes under the FIAA target individuals who have not previously been sanctioned in Switzerland. The reasons behind Mr Maduro's fall from power do not play a decisive role in asset freezes under the FIAA. Nor does the question of whether the fall from power occurred lawfully or in violation of international law," the council stressed.

It said the decisive factor is that "a fall from power has occurred" and that "it is possible that the country of origin will initiate legal proceedings in the future with regard to illicitly acquired assets."

"Should future legal proceedings reveal that the funds were illicitly acquired, Switzerland will endeavour to ensure that they benefit the Venezuelan people," it explained.

The Federal Council further noted that the asset freeze comes into force with immediate effect on Monday and will remain valid for four years until further notice.

On Saturday, Trump announced that the US military action on Venezuela resulted in the capture of Maduro and his wife Flores, also pledging to assert American control over the country for the time being, with US troops if necessary.

Maduro and Flores were flown to New York late Saturday and are being held at a detention center in Brooklyn. They face US federal charges tied to drug trafficking and alleged cooperation with gangs designated as terrorist organizations.

Maduro has denied the accusations, and officials in Caracas have called for the couple’s release.