Foreign Illicit Assets Act (FIAA)
English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.
Art. 3 Freeze for purposes of mutual legal assistance
1 In order to support future cooperation within the framework of mutual legal assistance proceedings with the country of origin, the Federal Council may order the freezing of assets in Switzerland: a. over which foreign politically exposed persons or their close associates have power of disposal; b. of which foreign politically exposed persons or their close associates are the beneficial owners; or c. which belong to a legal entity: 1. through which foreign politically exposed persons or their close associates hold direct or indirect power of disposal over those assets, or 2. of which foreign politically exposed persons or their close associates are the beneficial owners. 2 An asset freeze shall be admissible if the following conditions are met: a. the government or certain members of the government of the country of origin have lost power, or a change in power appears inexorable; b. the level of corruption in the country of origin is notoriously high; c. it appears likely that the ass
Art. 4 Freeze for purposes of confiscation in the event mutual legal assistance proceedings fail
1 The Federal Council may order an asset freeze in Switzerland in anticipation of initiating proceedings for the confiscation of assets: a. over which foreign politically exposed persons or their close associates have power of disposal; b. of which foreign politically exposed persons or their close associates are the beneficial owners; or c. which belong to a legal entity: 1. through which foreign politically exposed persons or their close associates hold direct or indirect power of disposal over those assets, or 2. of which foreign politically exposed persons or their close associates are the beneficial owners. 2 An asset freeze shall be admissible if the following conditions are met: a. the assets have been made subject to a provisional seizure order within the framework of international legal assistance proceedings in criminal matters instigated at the request of the country of origin; b. the country of origin is unable to satisfy the requirements for mutual legal assistance owing t
Para. 3 — SR 351.1
Art. 5 Amendment and publication of list entries
1 Where the asset freeze ordered pursuant to Article 3 of this Act takes the form of an administrative ordinance (asset freeze ordinance), the Federal Department of Foreign Affairs (FDFA) may amend the list of persons named in the asset freeze, as appended to that ordinance. Following consultation with the other departments concerned, the FDFA may add or remove the names of foreign politically exposed persons or their close associates where international coordination with the main partner countries and international organisations or the safeguarding of Switzerland’s interests so requires. 2 The FDFA shall immediately remove from that list the names of those persons against whom the freeze is found to be groundless. 3 The list of the names of persons appended to the asset freeze ordinance shall be published in the Official Compilation of Federal Legislation. It may include personal and sensitive data concerning, in particular, current or past membership of a political party or the exist
Art. 6 Duration of freeze
1 A freeze ordered pursuant to Article 3 shall be limited to a maximum duration of four years. The Federal Council may extend the freeze for an additional year, renewable annually, where the country of origin has expressed its willingness to cooperate within the framework of mutual legal assistance proceedings. The maximum duration of the asset freeze is ten years. 2 Assets frozen pursuant to Article 4 shall remain frozen until such time as the decision concerning their confiscation becomes enforceable. Where no proceedings for confiscation of the assets have been instigated within a period of 10 years from the date the freezing order issued pursuant to Article 4 becomes enforceable, the freeze on the assets shall be lifted.
Art. 7 Duty to report and to provide information
1 Persons or institutions who hold or manage in Switzerland assets of persons affected by an asset freeze within the meaning of Article 3 must immediately report these assets to the Money Laundering Reporting Office Switzerland (MROS). 2 Persons or institutions that neither hold nor manage such assets in Switzerland, but who have knowledge thereof by virtue of the functions they perform, must report the assets immediately to MROS. 3 Based on reports received pursuant to paragraph 2, MROS may request information from any person or institution that may hold or manage assets covered by a freeze ordered under the provisions of the present Act. 4 Persons or institutions subject to the terms of paragraphs 1 to 3 have the further duty to produce, at the request of MROS, all information and documents relating to the reported assets as may be required for the enforcement of the present Act, to the extent that they possess any such information. 5 Lawyers and notaries are not subject to the duty
Para. 5 — SR 311.0
Art. 8 Administration of frozen assets
1 Persons and institutions who hold or manage in Switzerland assets that have been made subject to a freezing order pursuant to the terms of this Act shall continue to administer them once the order has been issued. They shall inform the FDFA immediately where the value of the assets is at risk of declining rapidly or the cost of maintaining the assets is excessive. 2 Persons and institutions who administer frozen assets pursuant to paragraph 1 shall provide the FDFA, on its request, with all information and documents relating to the freezing and management of the assets in question. 3 The principles that govern the investment of seized assets apply mutatis mutandis to the administration of assets frozen under the provisions of this Act. 4 The FDFA may order the measures necessary to avoid the risk of a rapid decline in the value of the assets or excessive maintenance costs, including the immediate liquidation of the assets pursuant to the provisions of the Federal Act of 11 April 1889
Para. 4 — SR 281.1
Art. 9 Release of frozen assets
In exceptional cases, in particular in cases of hardship or where the safeguarding of important Swiss interests so requires, the FDFA may authorise the release of a portion of the frozen assets.
Art. 10 Amicable settlement
1 Throughout the period in which the asset freeze is in force, the Federal Council may instruct the FDFA to seek an amicable settlement so as to permit the full or partial restitution of the frozen assets. Articles 17 through 19 apply mutatis mutandis to this restitution. 2 Any amicable settlement is subject to the approval of the Federal Council. 3 If the Federal Council approves the amicable settlement, it shall lift the freeze on the assets.