The Swiss Federal Council, on Monday, announced the immediate freezing of assets linked to captured Venezuela President, Nicolás Maduro, and individuals associated with him, following recent United States military action in Venezuela.
The Federal Council said the decision was taken as a precautionary measure to prevent any illicitly acquired assets from being transferred out of Switzerland amid the unfolding situation.
“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 to freeze any assets held in Switzerland by Mr. Maduro and other persons associated with him,” it said in a statement.
Swiss authorities clarified that the asset freeze does not affect current members of the Venezuelan government and is separate from the sanctions imposed on Venezuela since 2018 under the Embargo Act.
According to the council, the new measures target individuals who had not previously been sanctioned in Switzerland. It stressed that the circumstances surrounding Maduro’s removal from power were not a determining factor under the FIAA.
“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 stated, adding that the key consideration is that “a fall from power has occurred.”
The Federal Council explained that the freeze is intended to preserve assets in anticipation of possible future legal proceedings by Venezuela regarding funds suspected to have been illicitly acquired.
“Should future legal proceedings reveal that the funds were illicitly acquired, Switzerland will endeavour to ensure that they benefit the Venezuelan people,” it said.
The asset freeze took effect immediately on Monday and will remain in force for four years unless reviewed or lifted earlier.
A US military operation in Venezuela, on Saturday, led to the capture of Maduro and his wife, Cilia Flores.
The couple were flown to New York late Saturday and are currently being held at a detention facility in Brooklyn. They are facing US federal charges related to alleged drug trafficking and cooperation with criminal gangs designated as terrorist organisations.
Maduro has denied the allegations, while officials in Caracas have condemned the arrests and called for the immediate release of the couple.