Stashing of stolen loot in Switzerland has now been blocked as depositors will have to prove that such wealth is acquired legally before they are allowed to lodge such in the banks, The Nation reports.

According to the Swiss Ambassador to Nigeria, Hans Rudolf Hodel, the policy is no longer the same. "In the past, people come to deposit money in Switzerland without too much controversy. Now, it is not possible to deposit money in Switzerland because of legal origin."

“Before now, the bank has to prove that the money is legal. But now, before you deposit money in any Swiss bank, you have to prove that you have earned that money legally.

“If you are a wealthy businessman, you have money in billions legally, but if, for example as a journalist, you come to Switzerland with two million dollars and say you earned it because you did a very good job, nobody will believe you.”

He said that collaboration between the Nigeria government and its Swiss counterpart in fighting corruption is a long standing issue, adding “our laws are there to help all countries fighting corruption. We will help this government.