Between 2002 and 2006, Switzerland returned around $93 million of illicit funds to Peru.
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The Swiss government has signed an agreement with Peru to return $16.3 million (CHF14.8 million) originating from acts of corruption in the Latin American country.
The move is part of the Swiss government’s asset recovery strategy, which involves freezing, confiscating and returning stolen assets.
The government said in a statementExternal link on Wednesday that the agreement was signed with Peru and Luxembourg on the restitution of illicitly acquired assets and that the funds would be used to strengthen the rule of law and fight corruption in Peru. Switzerland will return $16.3 million while Luxembourg will return another €9.7 million (CHF10.5 million).
“The trilateral agreement is a good example of the fact that Switzerland does not tolerate illicitly acquired assets of politically exposed persons in its financial centre,” said Foreign Minister Ignazio Cassis.
Clean up its image
By using the funds to strengthen the rule of law and contribute to the fight against corruption and impunity, the government says the funds will benefit the population in Peru.
Switzerland has been trying to clean up its image as a finance centre for illicit assets of politically exposed persons.
In January, Switzerland agreed to repatriate $1.3 million in seized assets to Turkmenistan, money which will be used for the purchase of medicine. Between 2002 and 2006, Switzerland returned around $93 million of illicit funds to Peru
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The idea is to support the public authorities in Peru in introducing measures to achieve efficient governance and to prevent corruption. “It is a ground-breaking endeavour for us, as it is not only the only office in Latin America; it is the first foreign subsidiary anywhere in the world,” said Gretta Fenner, the institute’sExternal link…
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