Youm7 obtained a copy of the Swiss Federal Law to retrieve illicit funds, issued in February 2011. It states that Egyptian authorities must prove funds were illicitly gained in order to restore them. Also, Egypt will not be able to restore funds in cash but rather as financing for national development projects. In its second article the law states that the federal council may decide to freeze assets in Switzerland under certain conditions. Those conditions are: • There must be a legal cooperation agreement between Switzerland and the country of the funds; • The funds must belong to persons who held important public posts such as presidents, ministers, political judiciary, army officials and members of large public companies. The law also states that retrieving funds must be to improve living conditions, support the rule of law or to face criminal immunity. The funds will be retrieved by financing national projects and under agreement between Switzerland and the funds' country. Article 10 of the law states that Switzerland will take 2.5 percent of the funds in order to cover the cost of freezing and retrieving. That means if 400 million euro are restored to Egypt – the amount of funds owned by former Egyptian President Hosni Mubarak which Switzerland has admitted to freezing – Switzerland will deduct eight million euro. Judiciary sources revealed that it is difficult to trace Mubarak's funds because they were deposited through complex procedures. In related news, Asem Gohary, head of the judiciary committee for restoring smuggling funds, and Egypt's assistant minister of Justice will fly to Switzerland in order to start serious negotiation with the Swiss over returning the funds.
