A/HRC/36/52
B.
Return of stolen assets
34.
The situation is absolutely striking in relation to the return of stolen assets. Hundreds
of millions of dollars of illicit provenance remain frozen in Switzerland. 53 The Government
claims that it is seeking — honestly and vigorously — to return these funds to the countries
of origin. 54 It also claims that the lack of restitution is eroding the good reputation and
integrity of the Swiss financial centre. There is a similar willingness at the cantonal level. In
Geneva, for example, the millions of dollars in illicit financial flows laundered through the
housing market have led to a housing crisis that disproportionally affects the working class
and the poorest sectors of the society.
35.
A number of legal matters relating to the return of stolen assets are currently
pending before the Swiss courts. National legislation provides means to appeal at all stages
of the proceedings. Procedures are protracted and lawyers are making huge profits from
assisting criminals to hide and benefit from illicit financial flows. In the case of the former
dictator of Nigeria, for example, those assisting Sani Abacha in avoiding the restitution of
the stolen assets took a total of $17 million. 55 They are competent and efficient in delaying
tactics, which partially explains why the assets stolen by the Ben Ali-Trabelsi and Mubarak
clans in 2011 have not yet been returned to the countries of origin.
36.
The Foreign Illicit Assets Act 2015 was passed to facilitate the restitution of illicit
assets also in cases where mutual legal assistance is not feasible or fails. However, the
impact of this specific regulation remains to be seen in practice. The law may facilitate the
release of illicit assets frozen when a solution of compromise is reached between the
affected State and the person suspected of misappropriation. Such arrangements are
controversial, since they also preclude any legal proceedings initiated in the country of
origin as well as anti-money-laundering investigations taking place in Switzerland. 56
VI. Case studies on the repatriation of illicit financial flows
37.
The following examples show the role financial institutions play by blatantly
accepting suspicious funds. Banks and law professionals profit from these protracted and
complex processes to make huge profits at the expense of the affected countries, which
need the money for development and the enjoyment of all human rights.
A.
Nigeria
38.
This is one of the exceptional cases in which a looted State managed within a
reasonable period of time to successfully repatriate much of the illicit financial flows
transferred outside its shores. As is well known, the former dictator, Sani Abacha, and his
entourage managed to misappropriate over $2 billion of State funds. 57 Money was
systematically diverted from the Central Bank to banks in Austria, Liechtenstein,
Luxembourg, Switzerland, the United Kingdom of Great Britain and Northern Ireland and
Jersey, and the United States. In Switzerland alone, the Abacha clan had a total of 130 bank
accounts.
53
54
55
56
57
The country has returned $2 billion in the past 30 years. However, hundreds of millions of dollars are
still frozen.
Switzerland has recently published the booklet No Dirty Money: The Swiss Experience in Returning
Illicit Assets, December 2016.
S. Besson, “La fin de l’affaire Abacha enrichit deux études d’avocats genevois”, Le Temps, 17 March
2015.
O. Longchamp and Herkenrath, “Money-laundering”, p. 136.
The looted funds were transferred directly to bank accounts abroad held by offshore companies
belonging to members of the Abacha clan or foreign businessmen, who then remitted the same sums
to members of what were characterized as “a criminal organization”. See E. Monfrini and Y. Klein,
“The Abacha case”, in M. Pieth, ed., Recovering Stolen Assets (2008), pp. 10-11.
11
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