Venezuela: Switzerland freezes Nicolás Maduro’s assets after his arrest

The Swiss government announced, on Monday, the immediate freezing of all assets held in Switzerland by former Venezuelan president Nicolás Maduro and several of his close associates. An exceptional decision, taken in an international context deemed “highly volatile,” after the former leader’s arrest in Caracas during an American military operation and his transfer to New York, where he is to be tried for offenses related to drug trafficking.

In a press release, the federal authorities explained that this measure aims to prevent any transfer or concealment of funds potentially obtained illegally. The freeze, imposed on a precautionary basis, may remain in effect for up to four years or be lifted earlier depending on the evolution of the case in court. Bern specifies that current members of the Venezuelan government are not affected.

Switzerland also indicated that if forthcoming proceedings confirm the illicit origin of these assets, they should be returned for the benefit of the Venezuelan people, in accordance with Swiss law. This decision extends the Federal Act on the freezing and restitution of illicit assets held by foreign politically exposed persons, and complements the sanctions already in force since 2018.

Concerned with preserving its diplomatic neutrality, Switzerland says that this initiative does not constitute a judgment on the legitimacy of Nicolás Maduro’s removal. It states that it is closely monitoring the situation in Venezuela and reiterates its readiness to facilitate a peaceful solution, in respect of international law.