Switzerland has ordered an immediate freeze on any assets held by deposed Venezuelan leader Nicolás Maduro and individuals associated with him, the Swiss government announced on Monday.
The decision was taken by the Swiss Federal Council, which said the measure is precautionary and will remain in place for four years. Swiss authorities did not disclose whether any assets exist or provide details on their value.
“The Federal Council wants to ensure that any illicitly acquired assets cannot be transferred out of Switzerland in the current situation,” the government said in a statement.
This marks Switzerland’s first new asset-freeze announcement since Maduro was captured over the weekend. Bern has not confirmed whether Maduro or his associates currently hold assets in the country.
Switzerland has maintained sanctions against Venezuela since 2018. The United States, Canada, and the European Union imposed sanctions and restrictions on dealings with Caracas earlier, beginning in 2017.
The freeze was implemented under the Federal Act on the Freezing and the Restitution of Illicit Assets Held by Foreign Politically Exposed Persons. Under the law, Swiss authorities said they are acting to prevent the possible movement of funds while legal proceedings continue.
The Swiss government clarified that the asset freeze does not apply to members of Venezuela’s current government.
Officials added that if future court proceedings determine that any frozen funds were acquired illegally, Switzerland would seek to ensure the assets are returned for the benefit of the Venezuelan people.
Maduro was arrested on January 3 by US forces in Caracas and flown to the United States, where he faces charges related to narco-trafficking and alleged links to criminal and drug trafficking networks operating in Venezuela and Colombia.
Switzerland’s private banking sector has previously been highlighted in investigations and watchdog reports as a destination for wealth held by politically exposed individuals, due to the country’s long-standing financial stability and large wealth-management industry.
