15 January 2013

Egypt: UK Committed to Return Smuggled Funds, Switzerland Backtracks

The UK is willing to cooperate with Egypt and offer technical assistance to retrieve its funds looted and smuggled abroad by former regime officials, said visiting UK Minister of State for Crime Prevention Jeremy Browne.

The remark came during a meeting with Justice Minister Ahmed Mekki on Monday 14/1/2013.

Browne held a press conference to discuss cooperation between Britain and Egypt on restoring looted funds.

Meanwhile, the Swiss government has backtracked on measures aiming at repatriating 700 million Swiss francs (equivalent of 767 million dollars) of the funds of the deposed Egyptian regime to Egypt because of the ambiguity shrouding the political situation.

The decision of the Swiss public prosecutor came after a similar decision by the federal criminal court last December in which it concluded that Egyptian authorities can not reach the legal files which are connected with the Swiss criminal procedures against the members of the Mubarak family in the light of political instability.

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