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S U B S C R I B E
Monday, 9 May, 2011
It's the Law: Returning laundered money to its rightful owner
A new law was introduced this year to counteract the difficulties Swiss authorities faced when they tried to return the frozen assets of the Democratic Republic of Congo’s former president Mobutu to the Congolese government. Mobutu is regarded as one of the most corrupt political leaders in the past two decades. Stéphanie Fuld, from BCCC Attorneys-at-Law, discusses the history of this legislation, dealing with the restitution of illicit assets, which came into effect on February 1, 2011, and what it means:
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The Federal Act on the Restitution of Assets of Politically Exposed Persons obtained by Unlawful Means (RIAA) came into force on February 1, 2011. (Keystone/Gaetan Bally)
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A good account of the new legislation set helpfully against the background of Switzerland’s overall efforts to combat money laundering and protect the integrity of the Swiss financial centre. One footnote to the Duvalier case: When Jean-Claude “Baby Doc” Duvalier was forced to leave Haiti in February 1986 he was flown into exile in the south of France in a U.S. military aircraft along with more than 100 crates of “personal effects”, most of which are believed to have been stuffed with cash.
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