The Swiss envoy however added that he is unaware of the existence of $1 billion alluded to by former President Olusegun Obasanjo, as still being held in Swiss banks.According to Dr. Hodel, the Abacha case and others has compelled Switzerland to take more stringent steps to combat illicit dealings in its financial sector.
Some of the measures included: no anonymous accounts; banking secrecy is lifted when there are suspicions of criminal activities; strengthening anti-money laundering regulations; and being an active member of the Financial Action Task Force (FATF) against money laundering and terrorist financing.
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