Reply #64: Swiss bank lobby bids to reassure on asset seizure

[pinboy3niner]

Looks like efforts are afoot to pass a new law that will protect brutal dictators against freezing/seizure of their funds--a law that would have benefitted Gaddafi, had it applied then, and that would dilute the effectiveness of U.N. sanctions.

Mon Sep 5, 2011 12:14pm GMT

• Protect investors rather than accuse them - bank group

• Some wealthy Middle East clients scared off

• Switzerland aggressive in freezing assets

• Law under discussion to protect investors


ZURICH, Sept 5 (Reuters) - The Swiss Bankers Association is working with the government to give investors more legal certainty over asset seizure after some were alarmed by Swiss moves to freeze the accounts of ousted dictators, its head said on Monday.

"Switzerland has no interest whatsoever to have the wrong monies invested within its borders," Swiss Bankers Association head Patrick Odier told a news conference.

"But Switzerland has all the interest in making sure that Middle East or any other type of investors will find in Switzerland the state of law that protects them before accusing them," he said.

In March, wealth managers said London is gaining in the battle for rich Middle Eastern families seeking shelter from political unrest at home, as its private banks and top end property sector tempt them away from Switzerland.

"Switzerland wants to continue to attract these important countries where wealth creation is at its most," Odier said.

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http://af.reuters.com/article/libyaNews/idAFL5E7K51OV20110905?sp=true