February 22, 2011, 9:58 AM ET

http://blogs.wsj.com/corruption-currents/2011/02/22/egypt-requests-freeze-on-mubaraks-assets/

Egypt requested a freeze on the foreign assets of ousted president Hosni Mubarak and his family, state television announced on Monday, according to an Associated Press report.

The Egyptian prosecutor general had previously requested the freezing of assets of former government officials and a businessman, four of which were detained last Thursday on money laundering charges. Last week, the anti-money laundering units in France and the U.S. each issued warnings to banks to be on the lookout for suspicious transactions involving Egyptian political or government figures and their families.

This announcement, which calls for the foreign ministry to use diplomatic channels in requesting the freeze around the world, is the first step in the local investigation of Mubarak’s family, who are believed to be the heart of the ousted government’s corruption. (Al Jazeera English and Reuters also reported on the prosecutor’s statement.) The Associated Press quoted Egyptian state media, which reported that Mubarak’s legal representative said the former president had submitted to authorities a declaration that he had no assets abroad.

The prosecutor’s office has received numerous complaints from Egyptian human-rights activists, politicians and private citizens demanding that the Mubaraks be held to account for perceived abuses.

Switzerland, allegedly one of the main parking spaces for Mubarak family assets, announced on the day of his resignation that it would investigate for and freeze anything it found in his name.

A spokesman for the Swiss Foreign Ministry told the New York Times on Friday that “several dozen million Swiss francs” have been frozen, but he would not specify the exact amount, or whose money it was.

Estimates of the Mubarak family wealth are hard to come by, but in previous reports U.S. officials have pegged it to around $3 billion, making the reported Swiss discovery a pittance on the overall hunt.

Mubarak served as president for 30 years before 18 days of popular protests brought down his government. He is believed to be residing in the Red Sea resort of Sharm el-Sheikh at a family villa.