Money-laundering millions head back to Brazil
Switzerland will return nearly $19.4 million (CHF18.9 million) in formerly confiscated assets to Brazil, following the conclusion of criminal proceedings related to money laundering.
In 2003, the Federal Prosecutors Office opened an investigation into Brazilian nationals who held bank accounts in Switzerland. With help from Brazilian authorities, the probe was concluded in 2008 and ended with the Swiss confiscating $19.4 million in assets.
Also in 2008, the Brazilians petitioned Switzerland for restitution of the confiscated assets. The Brazilian authorities were also investigating the same money laundering case, which they dubbed Operation Anaconda.
Usually, assets confiscated in Switzerland as a result of criminal investigations can’t be restituted to another country based on the terms of the Mutual Assistance Act, the Federal Office of JusticeExternal link explained in a statement on Wednesday.
However, assets can be shared equally between Switzerland and the foreign state under legislation known as the Division of Forfeited Assets Act.
In this case, because the money came from corruption that hurt the Brazilian state, it was exceptionally restituted in full to Brazil.
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