Swiss Government Returns $ 78 Million of Montesionos? Money to Peru

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Tuesday, October 1, 2002
Author: 
Bruce Zagaris
Volume: 
18
Issue: 
10
421
Abstract: 
On August 21, 2002, the Swiss Government announced the transfer of almost $78 million to Peru after determining it was derived from illegal commissions on arms sales paid to Peru?s former intelligence head, Vladimiro Montesinos. In July 2002, a Peruvian Court sentenced Montesinos to nine years in prison after he was convicted of corruption. The return of funds by the Swiss Government as well as the capture of Montesinos both indicate the importance of being able to identify, trace, seize, forfeit, and share or return funds. It also shows the ability of the Swiss Government to cooperate in transnational corruption, money laundering, and asset forfeiture sharing.