SWISS BANK SANCTIONS CONGO’S PRESIDENT AND ALLIES.

Swiss bank freezes Kabila assets following its plan of transparency

Swiss bank has penalized the President of Republic of Congo Joseph Kabila by  freezing his account as a result of the situation in his country. The sanction also includes travel ban and it goes for all 14 allies of the President.

The current situation in Congo is as a result of the Presidents decision to remain in power after the end of his tenure in December 2016. Some people who protested against him are killed during their demonstrations.

Switzerland is known for storing illegal wealth due to its banking privacy law. Recently, they began to exhibit greater transparency and cooperation with other nations’ tax authorites.

This sanction is in line with that of the European Union as well as the United States two years ago. The penalty is for the former interior ministers Emmanuel Ramazani Shadari and Evariste Boshab, ex-national police commissioner John Numbi and Kalev Mutond, the head of the National Intelligence Agency.

Government authorities missed the deadline of December 2016 and the vote is now scheduled for this December. However, election officials have hinted that polls may not be possible then because of financial and logistical limitations.