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Swiss deny help to recover Mubarak assets

Switzerland has denied legal aid to Tunisia and Egypt to recover the assets of ousted presidents Zine El Abidine Ben Ali and Hosni Mubarak, an official spokesman has said.

Published: 18 April 2011 09:24 CEST

Swiss deny help to recover Mubarak assets

“The requests for judicial assistance are too vague,” Folco Galli, a spokesman for the Federal Office of Justice, was quoted as telling the told the NZZ am Sonntag newspaper.

Switzerland needs more detail on the allegations against the two ex-leaders to establish whether they constitute crimes punishable under its law.

The newspaper said Bern had informed the Egyptian and Tunisian authorities of its position in diplomatic correspondence on March 30.

It would reconsider once their requests had been reworked, a process in which Swiss experts are expected to assist.

Galli told the newspaper a representative of the Federal Office of Justice has already visited Tunisia and a similar meeting was planned with Egypt.

Switzerland ordered the freezing of the assets of Ben Ali and Mubarak shortly after they were toppled in popular uprisings in January and February respectively.

Mubarak’s is thought to have “tens of millions” of Swiss francs in Switzerland, according to the Swiss foreign ministry, which in January estimated the assets of Ben Ali and his entourage as “a sum in the two-digit millions”.

Twint app can be installed on a mobile phone.

“Twinting” money with a smartphone is easy and convenient. Photo by Andrea Piacquadio from Pexels

In Switzerland, the word “Twint” is used both as a noun and a verb.

As a noun, it describes the mobile application which allows you to pay for various goods and services practically everywhere in the country.

As a verb, (“to twint”), it means to send someone money, or receive it, via the same app.

So what exactly is Twint?

Simply put, it is digital cash (not to be confused with bitcoin, which is digital currency) that was first introduced in Switzerland in 2014 and has become very popular since then.

Twint logo. Image by Twint.ch

People like it because it is an easy and quick way to make instantaneous payments, especially in situations when credit cards or physical cash can’t be used.

A big part of its convenience is that it can be used at cash registers, vending machines and parking meters, as well as in online shops — pretty much everywhere in Switzerland, even in places that don’t accept credit cards.

The only similar mode of payment would be your maestro debit card issued by your bank.

This video explains exactly how the process works.

Another advantage of Twint is that you can use it to send money to someone else’s mobile phone — as long as they also have Twint. And you can receive money the same way.

And there are no fees or charges for this service.

How does Twint work?

Anyone can use Twint, but you need a Swiss bank account or a credit card and, of course, a smartphone.

According to Twint website, you need a smartphone with either an iOS (from version 12.2 and upwards) or Android (from version 7 and upwards) operating system and Bluetooth capability (from version 4.0 and upwards).

“It is generally not possible for Twint to be used on Apple devices with an operating system older than “iOS 12.2” or on Android devices with an operating system older than “Android 7”. On Android devices without access to the Google Play Store (e.g. on certain HUAWEI models), the use of Twint app is also not possible”.

But If you have a compatible phone, installing Twint is easy.

Swiss banks offer their own version of the app, and you can download it directly from your bank’s website.

Then, when you use Twint to make a payment, the amount is debited directly from your bank account or credit card.

By the same token, if you receive payment from another Twint user, the money is automatically deposited in your account.

And you are not limited to just one Twint app.

If you have accounts is several banks, or have more than one credit card, you can install and use all of them.

READ MORE: How to open a bank account in Switzerland

Can Twint be used to make payments and receive money from abroad?

For the moment, Twint can be used solely in Switzerland and payments can be made only in Swiss francs – although this may change in future.

“We are, however, working closely with providers in other countries to develop an international and multi-currency solution”, according to Twint website.

You can find more information about Twint here.

READ MORE: Which bank is best for Americans in Switzerland?

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