Switzerland returns confiscated money to Turkmenistan

Finance Materials 16 January 2020 16:34 (UTC +04:00)
Switzerland returns confiscated money to Turkmenistan

AHGABAT, Turkmenistan, Jan.16

By Huseyn Hasanov - Trend:

As part of the policy of repatriating illicitly acquired assets that were confiscated in Switzerland, the country will return some $1.3 million to Turkmenistan, Trend reports referring to the Ministry of Foreign Affairs of Switzerland.

A tripartite agreement was signed between Switzerland, Turkmenistan and UNDP on 15 January 2020 in Bern. The funds will part-finance a UNDP project and be used to purchase anti-tuberculosis drugs.

In cooperating on this project Turkmenistan and the UNDP aim to deliver effective, high-quality healthcare, ensuring that the poorest sections of Turkmen society have access to health services they need.

The selected restitution mechanism is in line with Switzerland's strategy on freezing, confiscating and returning illicitly acquired assets of politically exposed persons (“Asset Recovery”).

The impetus to the relations between the two countries was given by the visit of President of Turkmenistan Gurbanguly Berdimuhamedov to Switzerland in October 2012, following which a solid package of documents was signed.