Federal Act on the Freezing and the Restitution of Illicit Assets Held by Foreign Politically Exposed Persons (FIAA) 2015 — Switzerland

Summary

Swiss federal legislation providing a clear legal basis for the freezing and restitution of assets of foreign politically exposed persons (PEPs) acquired through corruption. Codifies Switzerland's practice developed since the Marcos, Mobutu and Duvalier cases. Enables freezing even in the absence of a foreign criminal conviction where the foreign state's legal system is 'failed'.

Relevance to the diaspora

Swiss FIAA potentially applies to assets held in Switzerland by Sri Lankan officials who enriched themselves through corruption connected to war-economy activities; Tamil diaspora groups can submit evidence to Swiss federal authorities (FDFA) to trigger freezing procedures.

Key provisions

• Art. 2 — definition of illicitly acquired assets
• Art. 3 — freezing of assets by Federal Council
• Art. 4 — confiscation procedure
• Art. 8 — restitution to the population of the state of origin

Primary source

Related entries

• → UN Convention Against Corruption (UNCAC) 2003 (UN)
• → Global Magnitsky Human Rights Accountability Act 2016 (US)