The government of Switzerland has announced plans to expose all banking secrets and stolen assets stashed in the country by corrupt government officials from Africa.

Switzerland said it no longer wants stolen assets from corrupt individuals of government in its banks and want to give them back to those people who have suffered the consequences of their kleptocratic government.
From banking secrets to stolen assets, Switzerland is seeking to share its 15 years of experience (both successes and failures) to help developing countries in the fight against poverty. According to Micheline Calmy-Rey, Head of the Swiss Federal Department of Foreign Affairs, it was not about image but rather about justice. “For the last 15 years, Switzerland has embarked on reforms directed towards its banking sector which in the past allowed African dictators to amass colossal sums of money to the detriment of their poverty stricken populations.

Calmy-Rey, who disclosed this at forum that focuses on ill-gotten gains in Paris, said Switzerland would invite other countries to learn from its experience on the subject matter. Afrik.com reports that the Swiss government was eager to increase success stories regarding stolen assets and looted funds.

Developing countries, especially in Africa, lose some $40billion to corruption. These funds are sucked into other corrupt systems. According to the report, Switzerland announced that about $1.7billion (out of a total of $5billion, according to the World Bank) have been sent back to their countries of origin. Currently, Switzerland occupies the seventh position in the financial development.
On the recovery of embezzled funds, Calmy-Rey said the difficulties encountered during the recovery of stolen funds by the Swiss authorities when dealing with “weak states” should be addressed in the near future by virtue of a pending bill in the country’s parliament. If it becomes law, it would help bypass the judicial cooperation process, which is essential in legal proceedings towards fund recovery for those (weak) states.

Source: D-Guide/ghana