Switzerland froze any assets held by Nicolás Maduro and 36 associates on Monday, two days after the Venezuelan president’s capture, marking the first international move to lock down wealth potentially acquired through corruption.
The Swiss Federal Council’s order took effect immediately and will last four years. If legal proceedings prove the funds were obtained illegally, Switzerland pledged to return them “for the benefit of the Venezuelan people.”
The freeze targets 37 individuals total — Maduro and people close to him — but does not affect members of Venezuela’s current interim government, the Swiss Foreign Ministry said.
Sponsored · Canadian Copper Inc.
The ministry declined to specify the value of frozen assets. Switzerland has not confirmed whether any assets actually exist or their amount.
This is the first time Switzerland has directly sanctioned Maduro personally. Previous Swiss sanctions against Venezuela, in place since 2018 under the Embargo Act, did not include him.
The new freeze operates under the Federal Act on the Freezing and the Restitution of Illicit Assets Held by Foreign Politically Exposed Persons (FIAA), which allows Switzerland to block assets when a leader loses power and corruption proceedings may follow.
“The Federal Council wants to ensure that any illicitly acquired assets cannot be transferred out of Switzerland in the current situation,” the government statement said.
Sponsored · PTX Metals Inc.
Swiss authorities emphasized that the freeze is not based on whether Maduro’s ouster was legal or illegal under international law. The decisive factor was a loss of power, which made future legal proceedings possible.
“The reasons behind Mr. Maduro’s fall from power do not play a decisive role in asset freezes under the FIAA,” the Federal Council said. “Nor does the question of whether the fall from power occurred lawfully or in violation of international law.”
The freeze serves to preserve assets for potential future mutual legal assistance proceedings initiated by Venezuela or other countries. Switzerland’s private banking industry has repeatedly appeared in leaks and watchdog reports as a haven for politically exposed persons.
A five-year investigation, concluded in 2021, found that five Swiss banks had been reprimanded for laundering money linked to PDVSA, Venezuela’s state oil company, allowing “corrupt members of the Venezuelan government” to evade sanctions.
While freezing the assets, Switzerland maintained its call for restraint following the US military operation.
“The situation is volatile, and several scenarios are possible in the coming days and weeks,” the Swiss government said, urging de-escalation, compliance with international law, and respect for territorial integrity.
Switzerland has also offered its good offices to all sides to find a peaceful solution.
Switzerland becomes the first country to freeze assets specifically targeting Maduro following his Saturday capture. The US, Canada, and EU imposed broader Venezuela sanctions starting in 2017.
The four-year freeze can be extended. If legal proceedings prove the funds were obtained illegally, Switzerland will pursue restitution for the Venezuelan people.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
