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SUNDAY, 20 APR 2014
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Switzerland to freeze Egypt, Tunisia assets another three years
Associated Press
File - The Swiss National Bank (SNB) logo is pictured on the SNB building in Bern in this July 29, 2011. (REUTERS/PASCAL LAUENER)
File - The Swiss National Bank (SNB) logo is pictured on the SNB building in Bern in this July 29, 2011. (REUTERS/PASCAL LAUENER)
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GENEVA: The Swiss government said Wednesday it had decided to keep 760 million Swiss francs ($858 million) in Egyptian and Tunisian assets frozen for three more years.

Switzerland’s seven-member Federal Council, which includes the president and other ministers, said the decision applies to the 700 million francs held by former President Hosni Mubarak and his aides and another 60 million francs that were linked to Tunisia’s former autocrat Zine al-Abidine Ben Ali.

The Council said the “aim of this extension is to provide more time for criminal investigations in Tunisia and egypt into the origin of these assets.”

And by granting the extension, the Council said, the Swiss government “is thereby taking account of the political transition in the two countries.”

It added that over the past three years there had been close cooperation between Swiss authorities and their counterparts in Tunisia and Egypt that resulted in “significant progress” toward determining the origin of the assets so that the money could be returned eventually.

Under Swiss laws, other nations are generally required to provide information about possible criminal wrongdoing to start unblocking frozen assets.

The money in such cases is usually locked up for three years, and during that time governments must meet Swiss requirements such as providing information of any financial crimes that could be prosecuted on Swiss soil.

 
A version of this article appeared in the print edition of The Daily Star on December 19, 2013, on page 5.
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