Venezuela: Switzerland freezes Maduro’s assets after US capture

The Swiss government announced on Monday that it has immediately frozen all assets in Switzerland linked to former Venezuelan President Nicolas Maduro and his associates.

The move follows Maduro’s capture in Caracas during a US military operation, after which he was transported to New York to face narcotrafficking charges.

Describing the situation as ‘volatile,’ Bern stated that the freeze aims to prevent any illicitly acquired funds from being moved out of the country under current circumstances.

“As a precautionary measure, Switzerland has decided to freeze any assets held by Mr Maduro and those closely associated with him,” the government said, adding that the measure will remain in effect for four years or until further notice.

The Swiss authorities clarified that the freeze does not affect members of Venezuela’s current government.

They also noted that should future legal proceedings establish that the funds were unlawfully obtained, Switzerland will seek to ensure the assets benefit the Venezuelan people.

This action is part of Switzerland’s Federal Act on the Freezing and Restitution of Illicit Assets Held by Foreign Politically Exposed Persons and supplements existing Venezuelan sanctions in force since 2018, which already included asset freezes.

The newly frozen assets target individuals not previously sanctioned by Switzerland.

Bern emphasised that its decision is guided solely by the occurrence of Maduro’s removal from power and the potential for future legal proceedings concerning illicit assets, rather than judgments on the legality of his ouster.

The Swiss government said it continues to monitor developments in Venezuela closely and urged all parties to exercise restraint, abide by international law, and respect the country’s territorial integrity. It also reiterated its readiness to offer good offices to facilitate a peaceful resolution.