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Swiss Banking


Swiss Freeze Milosevic Accounts


One more illustration why your money isn't safe in Switzerland.

SWITZERLAND has frozen £57 million from about 100 secret bank accounts linked
to Slobodan Milosevic.

It was the first time that the Swiss authorities have taken such measures
against a current head of state. The disclosure by Kaspar Villiger, the Swiss
finance minister, came in response to a parliamentary question by MP Jean
Ziegler.

Yesterday Mr Ziegler said banking regulators believed that the accounts were
used to purchase arms and supplement the pay of Belgrade's MUP military
police force, which is loyal to Milosevic. He said: "This is scandalous as
Switzerland is supposed to cracking down on this kind of business."

The fate of the funds depend on whether Milosevic stays in power. Mr Ziegler
said: "If a new government comes to power, they will demand the funds back."
Ottmar Wyss, the head of export sanctions at the Swiss Economics Ministry,
said some of the 100 accounts belonged to Yugoslav companies, while others
were held by some of 300 Milosevic cronies who appeared on an EU blacklist
last year. None was in the president's own name.

Western officials believe Milosevic and his entourage have plundered as much
as £3.4 billion from Yugoslavia. In recent years, Switzerland has frozen the
assets of the former dictators Ferdinand Marcos of the Philippines,
Jean-Claude Duvalier of Haiti, Mobuto Sesi Seko of Zaire and Sani Abacha of
Nigeria.

London Telegraph, October 4, 2000
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