Arab Dictators' $1B Secret Stash

Swiss Banks Hold Frozen Assets From Ousted Leaders

Ill-Gotten Gains: Most of the $1 billion stashed in Swiss bank accounts by deposed Arab leaders is linked to the family of Egypt’s Hosni Mubarak.
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Ill-Gotten Gains: Most of the $1 billion stashed in Swiss bank accounts by deposed Arab leaders is linked to the family of Egypt’s Hosni Mubarak.

By Reuters

Published October 16, 2012.
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Switzerland has blocked nearly one billion Swiss francs ($1.07 billion) in stolen assets linked to dictators in four countries at the centre of the Arab spring - Egypt, Libya, Syria and Tunisia - the Swiss foreign ministry said on Tuesday.

Swiss authorities are cooperating with judicial authorities in Tunisia and Egypt to speed restoration of the funds, but it is expected to take years, said Valentin Zellweger, head of the international law department at the Swiss foreign ministry.

“Today a total of one billion francs is blocked in the framework of Arab spring,” he told a news briefing in Geneva, giving the latest figures for funds frozen since early 2011.

The bulk of the assets, nearly 700 million francs, are tied to former President Hosni Mubarak and his entourage, he said.

Swiss foreign minister Didier Burkhalter held talks in Cairo on Sunday with his Egyptian counterpart Mohamed Kamal Amr on judicial cooperation to restore the embezzled funds, he said.

Some 60 million francs linked to ousted Tunisian president Ben Ali has also been seized, Zellweger said. In line with U.N. Security Council sanctions, 100 million francs linked to the late Libyan leader Muammar Gaddafi and 100 million francs linked to Syrian President Bashir al-Assad and associates are blocked.

Switzerland has worked hard in recent years to improve its image as a haven for ill-gotten gains, seizing the assets of deposed dictators and agreeing in 2009 to soften strict bank secrecy to help other countries catch tax cheats.

“In the past, the affair that was resolved most quickly was Abacha and it took 5 years,” Zellweger said, referring to assets linked to the late Nigerian dictator Sani Abacha.


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