The Swiss federal government has announced that it has frozen “any assets held in Switzerland by Nicolás Maduro and other persons associated with him, with immediate effect.”
The Monday announcement comes just two days after the Venezuelan socialist despot was taken into U.S. custody to face federal narco-terrorism and weapons charges.
Maduro was captured in Venezuela by the U.S. military on Saturday and transferred to the United States.
His apprehension was part of a major international law enforcement operation.
Switzerland’s Federal Council, the nation’s seven-member executive cabinet, said it moved quickly to block financial transfers tied to Maduro or his inner circle.
The body noted that the swift seizure was essential to “prevent an outflow of assets.”
“The asset freeze does not affect members of the current Venezuelan government,” the statement noted.
The council said the four-year freeze, which will remain in place “until further notice,” is intended to safeguard any potentially illicit funds until court proceedings determine their origin.
“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.
Monday’s decision builds on sanctions enacted in 2018 under Switzerland’s Embargo Act to align with European Union measures against the Maduro regime.
Those earlier sanctions included restrictions on the sale of arms, advanced electronics, and other “goods which can be used for internal repression.”
While announcing the new asset restrictions, the Federal Council also expressed unease regarding the U.S. military operation that led to Maduro’s capture.
The council is calling 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 said.
The Swiss foreign ministry issued a similar appeal on Saturday.
It has not disclosed “how many assets linked to Maduro are being held in Switzerland,” according to Bloomberg.
EuroNews noted that Switzerland’s private banking sector has repeatedly appeared in international watchdog reports and financial leaks as a destination where “politically exposed people and other high-risk clients have parked their wealth.”
Those clients are drawn by the country’s stability, large wealth-management industry, and longstanding bank-secrecy practices that can make ownership difficult to trace.
The asset freeze will remain in effect as legal proceedings against Maduro move forward in a U.S. federal court.
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