{"id":1414,"date":"2020-09-04T11:38:12","date_gmt":"2020-09-04T15:38:12","guid":{"rendered":"http:\/\/ielrblog.com\/?p=1414"},"modified":"2020-09-04T14:32:01","modified_gmt":"2020-09-04T18:32:01","slug":"switzerland-freezes-900-million-from-former-head-of-angolan-insurance-company","status":"publish","type":"post","link":"https:\/\/ielrblog.com\/index.php\/2020\/09\/04\/switzerland-freezes-900-million-from-former-head-of-angolan-insurance-company\/","title":{"rendered":"Switzerland Freezes $900 Million from Former Head of Angolan Insurance Company"},"content":{"rendered":"

On July 9, 2020, a Swiss criminal appellate court in the Canton of Geneva froze $900 million held in the accounts of Carlos Manuel de S\u00e3o Vicente, an Angolan businessman, as a result of a money laundering investigation.[1]<\/a><\/p>\n

In December 2018, prosecutors froze $1.25 billion in accounts connected to S\u00e3o Vicente, his family and companies after they received on November 29, 2018 suspicious activity reports made by Swiss banks on a transfer of $212.9 million.[2]<\/a><\/p>\n

S\u00e3o Vicente is a Portuguese-Angolan citizen who is the former chairman and CEO of AAA Seguros.\u00a0 A 2001 presidential decree gave the company a monopoly to insure oil sector activity in Angola.\u00a0 It continued until 2016.\u00a0 In 2020, AAA Seguros was dissolved.[3]<\/a><\/p>\n

Vicente is the spouse of Irene Alexandra da Silva Neto, a former member of parliament and vice-minister in the Jose Eduardo dos Santos administration.\u00a0\u00a0\u00a0 The latter was President of Angola from 1979 to 2017.<\/p>\n

Prosecutors contend that part of AAA Seguros\u2019 funds transferred to Vicente\u2019s account belonged to Sonangol, Angola\u2019s state-owned oil company.\u00a0 Sonangol owned 10% of AAA Seguros.[4]<\/a><\/p>\n

Prosecutors became aware that Vicente was trying to transfer all of his personal account to Singapore.\u00a0 Vicente says he ordered the transfer because he was dissatisfied with the bank\u2019s management of his account.[5]<\/a><\/p>\n

Vicente explained to Swiss authorities that the transfer of $213 million from AAA Seguros to him was a partial reimbursement for loans.[6]<\/a><\/p>\n

In 2016, a presidential decree revoked AAA\u2019s insurance role over the oil industry.\u00a0 The decree explained AAA\u2019s \u00a0\u201callegedly non-transparent management.\u201d \u00a0Earlier this year the government revoked the company\u2019s authorization to operate in Angola.[7]<\/a><\/p>\n

In December 2018, Swiss public prosecutors froze seven accounts of Vicente and family members.\u00a0 The court has\u00a0 removed the freezing order on six of the accounts.[8]<\/a><\/p>\n

The judgment illustrates the utility of suspicious transactions reports, since in this case it triggered action by the Swiss Financial Intelligence Unit and then the prosecutor.\u00a0 The Swiss financial and judicial systems have been increasingly proactive in finding and taking action on apparent proceeds of crime, especially where corruption may be involved.<\/p>\n

The Angolan administration of Jo\u00e3o Louren\u00e7o has prioritized combatting corruption.\u00a0 On March 2020, the Swiss authorities received information and documentation in connection with the investigation.[9]<\/a><\/p>\n

[1]<\/a>\u00a0\u00a0\u00a0 Carlos Manuel de S<\/em>\u00e3o Vicente v. Le Minist<\/em>\u00e8re Public<\/em>, Swiss criminal appellate court in the Canton of Geneva, Judgment, P\/23676\/2018; ACPR\/480\/2020, July 9, 2020 https:\/\/www.icij.org\/investigations\/luanda-leaks\/switzerland-freezes-angolan-tycoons-900-million-fortune\/<\/a><\/p>\n

[2]<\/a>\u00a0\u00a0\u00a0 Id<\/em>., paragr. b.e on p. 3.\u00a0 See also<\/em> Will Fitzgibbon, Switzerland freezes Angolan tycoon\u2019s $900 million fortune<\/em>, ICIJ, Aug. 28, 2020.<\/p>\n

<\/a>3]\u00a0 Judgment, paragr. g.b. on p. 4 and Fitzgibbon, supra<\/em>.<\/p>\n

[4]<\/a>\u00a0 Fitzgibbon, supra<\/em>.<\/p>\n

[5]<\/a>\u00a0 Id. See<\/em> Judgment, g.a on p. 4.<\/p>\n

[6]<\/a>\u00a0 Fitzgibbon, supra.<\/em><\/p>\n

[7]<\/a>\u00a0\u00a0\u00a0 Dmitry Zhdannikov and Noah Browning, Reuters, Switzerland Freezes $900M Belonging to Angolan Insurance Executive<\/em>, https:\/\/www.insurancejournal.com\/news\/international\/2020\/09\/03\/581352.htm<\/a>\u00a0 Sept. 3, 2020.<\/p>\n

[8]<\/a>\u00a0\u00a0 Fitzgibbon, supra.<\/em><\/p>\n

[9]<\/a> \u00a0 Judgment, parag. \u00a0l on pp. 6-7.<\/p>\n","protected":false},"excerpt":{"rendered":"

On July 9, 2020, a Swiss criminal appellate court in the Canton of Geneva froze $900 million held in the accounts of Carlos Manuel de S\u00e3o Vicente, an Angolan businessman, as a result of a money laundering investigation.[1] In December 2018, prosecutors froze $1.25 billion in accounts connected to S\u00e3o Vicente, his family and companies […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[79,88,84,4,3,63],"tags":[174,150],"class_list":{"0":"post-1414","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-corruption","7":"category-international-cooperation","8":"category-international-evidence-gathering","9":"category-money-laundering-and-bank-secrecy","10":"category-transnational-corruption-money-laundering-and-asset-forfeiture","11":"category-transparency-and-governance","12":"tag-angola","13":"tag-switzerland","14":"entry"},"yoast_head":"\nSwitzerland 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