Any assets in Switzerland belonging to Venezuelan head of state Nicolás Maduro, who has been arrested by the United States, will be frozen with immediate effect as a precautionary measure. This was decided by the Swiss government on Monday.
According to a statement from the Federal Department of Foreign Affairs (FDFA), the Swiss government wants to ensure that no assets belonging to Maduro and other people close to him can flow out. Members of the current government of Venezuela are not affected by the freeze, it added.
The freeze is an addition to the sanctions against Venezuela that have been in place since 2018. These already included asset freezes. According to the FDFA, the new freezes are aimed at people who have not yet been sanctioned in Switzerland.This asset freeze issued in accordance with the FIAA is in addition to the existing sanctions against Venezuela under the Embargo Act, which have been in force since 2018 and also include asset freezes. 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 decisive factor is 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.
The asset freeze serves to enable any future mutual legal assistance proceedings. Should these reveal that the funds were illicitly acquired, Switzerland will endeavour to use them for the benefit of the Venezuelan people.
The asset freeze comes into force today with immediate effect and will remain valid for four years until further notice.
