Of the total $5 billion (SFr4.65 billion) returned to states around the world over the last 15 years, some $1.7 billion alone has come from Switzerland - an amount authorities attribute to strengthened laws governing anti-money laundering and the restitution of stolen assets.
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But critiques argue these laws have not stopped certain Swiss banks from continuing to accept assets of dubious origins from politically exposed people (PEP). What do you think? Is the high amount returned by Switzerland simply because Swiss banks hold more illicit funds than others? Or are the Swiss being unfairly accused while other countries drag their feet in terms of finding and returning dictators money?
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Assets found in Switzerland ‘a drop in the ocean’
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Some 18 months after Switzerland first froze Ben Ali entourage funds, it has yet to find assets belonging to the deposed leader himself.
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A year and a half later, the deputy federal prosecutor with the Swiss Federal Prosecutor’s Office, Maria-Antonella Bino, says the cases remain a priority for her office, which hopes to finalise its investigations by the end of 2013. swissinfo.ch: Since the first government announcements of asset freezes early last year, have the amounts involved increased?…
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The magnitude of the Swiss probe is only just becoming clear and details remain hazy. Media reports indicate that vast amounts of money have being fraudulently siphoned from a Russian-owned Uzbek telecommunications firm. The Swiss Federal Prosecutor’s Office issued arrest warrants for four Uzbek nationals after being tipped off by Bank Vontobel about suspicious accounts…
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The move aligns Switzerland with European Union measures announced in late July, the State Secretariat for Economics (Seco) spokeswoman Antje Baertschi told Reuters on Tuesday. As a result of the sanctions, Syrian Arab Airlines (SAA) is prohibited from landing at Swiss airports, where Swiss financial and airport services would not be provided, Baertschi said. The…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
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Bank it
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His journey takes us to the heart of a $7,000 billion secret. The Swiss hold a third of all global offshore assets, shored up by conservatism and strict banking secrecy laws. With half of this market, just two banks – UBS and Credit Suisse – dominate the heart of the banking sector.
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On September 1, 1969, a small group of military officers led by then 27-year-old army officer Moammar Gaddafi overthrew Libya’s King Idris’ government. The revolutionary officers abolished the monarchy, and proclaimed the new republic. Gaddafi is to this day, referred to as the “Brother Leader and Guide of the Revolution” in government statements and the…
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.