Switzerland Freezes Nicolás Maduro’s Assets, Will Redistribute Funds to Venezuelans After Trial

The Swiss federal government announced on Monday that it has frozen “any assets held in Switzerland by Nicolás Maduro and other persons associated with him, with immediate effect.”

Maduro was taken into custody by the U.S. military on Saturday to face narco-terrorism and weapons charges.

The Federal Council, which is the seven-member cabinet that serves jointly as head of state for Switzerland, said it was acting quickly to “prevent an outflow of assets.”

“The asset freeze does not affect members of the current Venezuelan government,” the statement noted.

“Should future legal proceedings reveal that the funds were illicitly acquired, Switzerland will endeavor to ensure that they benefit the Venezuelan people,” the statement added. The asset freeze will remain in effect for four years, or “until further notice.”

The Federal Council noted that Monday’s asset freezes were in addition to those imposed in 2018 to bring Switzerland into alignment with the European Union’s position when Venezuela was sanctioned under the Embargo Act. The 2018 sanctions included a ban on the sale of arms, advanced electronics, and other “goods which can be used for internal repression” to the Maduro regime.

Monday’s statement from the Federal Council included a note of discomfort with the U.S. military operation that brought Maduro to justice, including a call 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.”

“Switzerland has also repeatedly offered its good offices to all sides in order to find a peaceful solution to the situation,” the statement added.

The Swiss foreign ministry issued an identical call for de-escalation and “respect for territorial integrity” on Saturday. Bloomberg News reported on Monday that the foreign ministry has not specified “how many assets linked to Maduro are being held in Switzerland.”

“Switzerland’s private banking industry has repeatedly surfaced in major leaks and watchdog reports as a place where politically exposed people and other high-risk clients have parked their wealth, ostensibly drawn by the country’s political stability, a large wealth-management sector and historically strong bank and corporate secrecy that can make ownership harder to trace,” EuroNews noted on Monday.