Here is the rewritten article in markdown format:

Asset Forfeiture Laws in Peru Clear Path for Return of $8.5 Million Stolen from Country’s Treasury

A landmark decision by Switzerland’s Federal Supreme Court has cleared the way for Peru to recover nearly $8.5 million in corruptly obtained assets, marking a significant win for the country in its fight against corruption.

The Case Background

The money at stake is linked to Vladimiro Montesinos, former Head of Intelligence under President Alberto Fujimori, and was derived from overvalued fighter jet contracts with Belarus during Peru’s Fujimori government. The beneficial owner of the bank account, German-Israeli businessman Moshe Rothschild Chassin, fled to Israel to evade prosecution and remains free despite being subject to an Interpol red notice.

Peruvian Prosecutors’ Success

Peruvian prosecutors working with the Basel Institute proved in court that the funds were proceeds of crime, paving the way for the confiscation order. The Swiss Federal Supreme Court rejected multiple appeals from Chassin, noting that Peru’s non-conviction based forfeiture procedure was conducted in accordance with applicable standards and legal rights.

Precedent Setting

The case sets an important precedent for the use of non-conviction based forfeiture laws to recover illicit assets, allowing countries to target “untouchables” even when the criminal justice system fails to convict. It also highlights the importance of states being open to innovative asset recovery mechanisms to provide international cooperation in fighting corruption.

Peru’s Extinción de dominio Law

Peru’s Extinción de dominio law, a form of non-conviction based forfeiture, has allowed the country to recover around $64 million in illicit assets, with many more cases in the pipeline. The country’s judicial authorities have gained knowledge and confidence in applying this law and having confiscation orders executed internationally.

Justice System Impact

The case is also significant for Peru’s justice system as a whole, demonstrating compliance with international treaties and sending a message to corrupt officials that they will not profit from misusing public administration.

International Cooperation

International cooperation was key to achieving the confiscation order and executing it. Switzerland has shown willingness to evaluate Peru’s law according to its own legal principles and offer assistance where possible. The funds will be transferred to Peru and used in a manner to be agreed upon between the two concerned jurisdictions.

Basel Institute’s Role

The Basel Institute promotes effective, proportionate, and respectful of human rights asset recovery mechanisms globally. The organization believes that these are the ingredients to make these laws truly global legal tools in the fight against corruption and other forms of crime.

Call to Action

For more information on the work of the International Centre for Asset Recovery and the Programa GFP Subnacional, which undertake asset recovery assistance in Peru, please visit our website.