Money Laundering Switzerland won’t accept illegal funds anymore - Ambassador

Hodel also stated that to the best of his knowledge, no funds looted from Nigeria were currently being kept in Switzerland.

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Ambassador of Switzerland to Nigeria Hans Rudolf Hodel play

Ambassador of Switzerland to Nigeria Hans Rudolf Hodel

(Punch )
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The Ambassador of Switzerland to Nigeria, Hans Rudolf Hodel, has said that Swiss banks would no longer accept illegally acquired funds.

Hodel also stated that to the best of his knowledge, no funds looted from Nigeria were currently being kept in Switzerland.

The Ambassador made the comments on Monday, April 27, 2015, after a meeting with Nigeria’s President-elect, Muhammadu Buhari, at the Defence House in Abuja.

 “We will help this government. If you remember, many years ago we gave back the Abacha money to Nigeria. The situation in Switzerland has changed. The policy is no longer the same. In the past, people came to deposit money in Switzerland without too much controversy,” Hodel said.

“Now, it is not possible to deposit money in Switzerland because of legal origin. Before, the bank had to prove that the money was illegal. But now, before you deposit money in Swiss bank, you have to prove that you have earned that money legally,” he added.

Hodel also spoke on funds looted by former dictator, Sani Abacha which were discovered in Luxembourg.

The money was initially seized in Luxembourg in 2006 after which it was transferred to Switzerland in 2014.

The process of returning the funds to Nigeria will be supervised by the World Bank.

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