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Switzerland blocks Iraqi assets

The assets of Saddam and his sons will be blocked if found Keystone

The Swiss government has decided to freeze any assets belonging to 55 members of the former Iraqi government.

The move follows a request by the United Nations to all member states.

On Monday the UN published the names of 55 Iraqi officials – including Saddam Hussein and his two sons – who are regarded by the United States as “most wanted”.

Tuesday’s decision by the Swiss government means that any assets found in Switzerland belonging to the 55 named persons must be reported to the economics ministry.

Business assets thought to be controlled by the 55 officials are also included in the order.

Washington estimates that $10 billion (SFr13.5 billion) in missing Iraqi assets are stashed in 38 countries around the world.

Missing millions

The Swiss National Bank believes there could be up to SFr500 million ($372 million) in Switzerland.

Under the terms of UN Security Council Resolution 1483, all frozen assets are to be transferred to a fund for the reconstruction of Iraq.

This provision, however, would go against current Swiss banking law, which does not allow the transfer of frozen assets to another account.

The Swiss finance ministry is drafting a new law, but a spokesman for the ministry told swissinfo it would take some time to bring it into force.

The latest freezing order follows a decision by the government in April to block all assets held in Switzerland by the former Iraqi government or state-controlled companies.

Prior to the move, the Swiss finance minister, Kaspar Villiger, told parliament that there was no evidence that Saddam Hussein had a bank account in Switzerland.

swissinfo with agencies

Funds in Switzerland found to belong to any of the 55 named Iraqi officials will be blocked.

Under UN Security Council Resolution 1483, the frozen assets should be transferred to a fund for the reconstruction of Iraq.

Switzerland will have to introduce a new banking law in order to allow the transfer of frozen assets to a new account.

The United States estimates that $10 billion of Iraqi money have been stashed in 38 countries.

The Swiss National Bank believes there could be Iraqi assets worth up to SFr500 million in Switzerland

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SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR