On Monday, the Swiss federal government announced that it was “immediately freezing all assets held in Switzerland by President Nicolas Maduro and his associates.”
Mr. Maduro was recently indicted by the U.S. military on charges related to drug terrorism and weapons.
The Federal Council, which consists of seven members and acts as Switzerland’s head of state, explained its swift action to “prevent the outflow of assets.”
“The asset freeze does not affect members of the current Venezuelan government,” the statement clarified.
Furthermore, it noted, “If further legal proceedings reveal that the funds were obtained illegally, Switzerland will work to ensure that the funds benefit the Venezuelan people.” This freeze is set to last for four years or “until further notice.”
Additionally, Congress pointed out that this asset freeze adds to previous actions, aligning Switzerland with the European Union stance from 2018 when Venezuela faced sanctions. Those included bans on the sale of weapons and advanced electronics that could be used for domestic oppression.
The Federal Council’s statement also expressed concerns over the U.S. military operation that led to Mr. Maduro’s indictment, calling for “de-escalation, restraint, and adherence to international law, including principles of non-use of force and respect for territorial integrity.”
Moreover, the statement emphasized that “Switzerland has also repeatedly shown goodwill to all sides to find a peaceful solution to the situation.”
The Swiss Ministry of Foreign Affairs reiterated calls for détente and respect for territorial integrity. On Monday, however, the Foreign Ministry did not specify how many assets linked to Maduro are currently held in Switzerland.
Interestingly, Switzerland’s private banking industry has often been highlighted in major leaks and reports as a favored location for politically exposed individuals and high-risk clients seeking to store their wealth, largely due to the country’s political stability and strong banking secrecy that complicates ownership tracing.
