The Switzerland Ambassador to Nigeria; Dr. Hans-Rudolf Hodel, has declared that a total of $700 million deposited in Swiss banks by the late former military Head of State; General Sani Abacha, has so far been returned to the Federal Government.
Dr. Hodel who was speaking in Abuja, stated that in the last 15 years, Switzerland has returned about $1.7 billion of illicit origin to their countries of origin including Angola, Peru, Nigeria and the Philippines.
The Swiss envoy however added that he is unaware of the existence of $1 billion alluded to by former President Olusegun Obasanjo, as still being held in Swiss banks.
According to Dr. Hodel, the Abacha case and others has compelled Switzerland to take more stringent steps to combat illicit dealings in its financial sector.
Some of the measures included: no anonymous accounts; banking secrecy is lifted when there are suspicions of criminal activities; strengthening anti-money laundering regulations; and being an active member of the Financial Action Task Force (FATF) against money laundering and terrorist financing.
