Mugabe could face financial backlash

The EU is expected to debate financial sanctions against Mugabe in late January

By CNN's Jim Boulden

LONDON, England (CNN) -- If President Robert Mugabe of Zimbabwe does not hold a free and fair election in March, he may find a backlash -- involving his wallet.

The United States and Britain each have started to track down the overseas bank accounts of Mugabe and members of his inner circle.

Mugabe could be hit with personal financial sanctions in the coming weeks -- a move that has worked before with other political leaders.

Mugabe has promised to allow international inspections of the March presidential election. But the European Union and the United States started to debate travel and financial sanctions against Mugabe and his inner circle last year.

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The international bank accounts allegedly linked to the Zimbabwe leadership are now being tracked down -- in case the EU or the United States decides that going after his assets could modify his policies.

Hunting down the millions or even billions of dollars of political leaders has only limited success, however.

Early this month Nigeria announced that nearly $150 million was returned by the family of the late Gen. Sani Abacha. But $4 billion is alleged to have left the country during his dictatorship.

"The only time (the West) ... has been successful in tracking down despot money is when it's been too late," says Jeffrey Robinson, author of "The Laundry Men."

"(Late Philippine dictator Ferdinand) Marcos is a good example, Mr. (Manuel) Noreiga of Panama. But this is all way after the fact. They don't get into the game soon enough to really make a difference."

Another way of tracking the money is putting pressure on the banks. Governments have been asking banks for year to adopt a policy called "know your client" -- in other words, keep track of the source of all bank accounts.

The Zimbabwe opposition leader has called for any accounts that can be linked to Mugabe to be frozen.

The EU is expected to debate imposing such sanctions at a late January meeting called to discuss the troubles in Zimbabwe.