The move is meant to ensure illicitly acquired assets cannot be transferred out of Switzerland. Read more at straitstimes.com. Read more at straitstimes.com.

GENEVA – The Swiss government said on Jan 5 that it had decided to freeze any assets held in Switzerland by Venezuelan President Nicolas Maduro or his associates “with immediate effect”.

Bern said it had reached its decision after Mr Maduro was seized in Caracas in a shock US military operation and brought to New York to face narcotrafficking charges.

Describing the situation as “volatile”, the Swiss government said in a statement that it wanted “to ensure that any illicitly acquired assets cannot be transferred out of Switzerland in the current situation”.

“The asset freeze comes into force today with immediate effect and will remain valid for four years until further notice.”