Switzerland Unfreezes Assets Seized During Milosevic Investigations
It emerged last week that the Swiss authorities have released assets frozen
during investigations into the affairs and activities of former Yugoslav President,
Slobodan Milosevic and his inner circle. Switzerland's Justice Ministry announced that it had freed funds worth around
SFr6 million held by Swiss banks. However, some SFr3 million remains frozen.
The Swissinfo news service revealed that over the past two years, Switzerland
has co-operated fully with the Milosevic investigations, handing over important
legal documents to Belgrade. Last summer, it emerged that more than 50 countries (both offshore and on)
had been implicated in a secret financial network established in order to facilitate
illegal arms deals. Reports at the time, quoting sources close to the Hague, suggested that bank
accounts in Austria, Cyprus, Germany, Greece, Guernsey, the Isle of Man, Jersey,
Liechtenstein, Luxembourg, Monaco, Singapore, and Switzerland were all allegedly
used to make significant cash transfers. .
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