The Swiss Financial Market Supervisory Authority (FINMA) has announced the start of an investigation into four banks that have what it called “dictator assets” belonging to former presidents Hosni Mubarak, Zine al-Abidine Ben Ali and Muammar Qadhafi.
The FINMA said that those banks did not conduct the necessary tests and procedures in dealing with accounts belonging to “suspicious” personalities, and that those procedures were not sufficient to combat money laundering, aiming to deter any such future dealings.
In a statement on Thursday, the FINMA said it has “exceptionally” reviewed dealings of 20 Swiss banks with known political figures, in light of the government’s decision to freeze the assets of the former presidents of Egypt, Tunisia and Libya.
Translated from the Arabic Edition
