Switzerland Recovery

On 23 July 1998, the Swiss Government handed over documents to the government of Pakistan which relate to corruption allegations against Benazir Bhutto and her husband.^{1 The documents included a formal charge of money laundering by Swiss authorities against Zardari. The Pakistani government had been conducting a wide-ranging inquiry to account for more than $13.7 million frozen by Swiss authorities in 1997 that was allegedly stashed in banks by Bhutto and her husband. The Pakistani government recently filed criminal charges against Bhutto in an effort to track down an estimated $1.5 billion she and her husband are alleged to have received in a variety of criminal enterprises.[37] 23 The documents suggest that the money Zardari was alleged to have laundered was accessible to Benazir Bhutto and had been used to buy a diamond necklace for over $175,000. The PPP has responded by flatly denying the charges, suggesting that Swiss authorities have been misled by false evidence provided by the Government of Pakistan.}

On 6 August 2003, Swiss magistrates found Bhutto and her husband guilty of money laundering. 4They were given six-month suspended jail terms, fined $50,000 each and were ordered to pay $11 million to the Pakistani government. The six-year trial concluded that Bhutto and Zardari deposited in Swiss accounts $10 million given to them by a Swiss company in exchange for a contract in Pakistan. The couple said they would appeal. The Pakistani investigators say Zardari opened a Citibank account in Geneva in 1995 through which they say he passed some $40 million of the $100 million he received in payoffs from foreign companies doing business in Pakistan.^[40] 56 In October 2007, Daniel Zappelli, chief prosecutor of the canton of Geneva, said he received the conclusions of a money laundering investigation against former Pakistani Prime Minister Benazir Bhutto on October 29, but it was unclear whether there would be any further legal action against her in Switzerland.