No Safe Haven for Looted Funds in Switzerland, Says Envoy

Onyebuchi Ezigbo It will now be extremely difficult for corrupt government officials to launder illicit funds from their home countries to Switzerland banks due to stringent policy measures now in place in the country, the country’s Ambassador to Nigeria, Hans Rudolf Hodel, said.

Hodel, who spoke to journalists on the tightening of the anti-corruption noose shortly after a meeting with the president-elect, Muhammadu Buhari, at the Defence House in Abuja, said another $370 million loot belonging to the late General Sani Abacha’s family has been traced to an account in Luxembourg.

Hodel said as part of the ongoing collaboration between his country and the federal government, the sum of $370 million was discovered lodged in an account in Luxembourg.

The Swiss government is not involved. The Nigerian government has asked for legal assistance. When the government makes a request to my government, we work together on it. But this case is different. That is the Abacha‘s family directly with the Nigerian government finding a deal. So, the Swiss government is not involved and the money is in Luxembourg.

“Recently, there was another request by Nigeria to the Swiss authority to look for Abacha’s money and some amount has been found in an account, about $370 million in Luxembourg. That is now between the Abacha’s family and the government. They have tried to find a deal so that this money can also come back,” he said.

According to the ambassador, Nigeria has asked Swistzerland for legal assistance to help recover the money which have been provided.

“It is not a classical case and we would have prefed a classical case where we can give the money back and make sure that it is used in the interest of the people. Now it is up to the Nigerian government,” he said.

Speaking on how Switzerland could be of assistance to the incoming administration in the fight against corruption, Hodel said his country has taken strong measures to curb inflow of illicit funds to its banks.

“Our laws are there to help all countries which are fighting corruption. We will help this government. If you remember, many years ago we gave back the Abacha’s money to Nigeria. The situation in Switzerland has changed. The policy is no longer the same.

“In the last few years people came to deposit money in Switzerland without too much controversy. Now, it is not possible to deposit money in Switzerland because of legal origin. Before the bank has to prove that the money is illegal. But now, before you deposit money in Swiss bank, you have to prove that you have earned that money legally.

“If you are a wealthy businessman, you have have money in billions legally, but if, for example as a journalist, you come to Switzerland with two million dollars and say you earned it because you did a very good job, nobody will believe you,” he said.