Switzerland Today
Greetings from Lausanne!
Swiss wealth advisers are back in the news today. After Offshore, Panama and Paradise, this time it’s the Pandora Papers – the biggest ever leak of offshore data exposing the financial secrets of the rich and powerful and their enablers.
In the news: Credit Suisse, Zurich Film Festival and climate activism.
- Police have searchedCredit Suisse’s Zurich offices and confiscated documents relating to the collapse of its $10 billion (CHF9 billion) group of funds linked to Greensill Capital, it has been reported. Zurich’s cantonal public prosecutor has opened a criminal investigation into Greensill’s activities and how Credit Suisse money that financed the British firm was managed and marketed.
- Despite Covid-19, people appear to be in the mood for cinema. The 17th Zurich Film Festival (ZFF) (see photo above), which ended on Sunday evening, attracted 102,000 visitors, up from 68,000 last year, when attendance was limited by Covid-19 restrictions.
- Climate activists from the Extinction Rebellion group had promised they would occupy Zurich city centre today to pressure the Swiss government to take “appropriate action” to tackle climate change. In the end, about 200 people turned up and blocked a street near the stationExternal link before being cleared by police.
After Offshore, Panama and Paradise, it’s the turn of Pandora.
The Pandora Papers is a leak of 12 million documents revealing hidden wealth, tax avoidance and, in some cases, money laundering by some of the world’s rich and powerful, according to the International Consortium of Investigative Journalists (ICIJ)External link. More than 600 journalists in 117 countries have been trawling through the files, including several reporters in Switzerland.
This time the allegationsExternal link, published on Monday, centre on hundreds of world leaders, powerful politicians, billionaires, celebrities, religious leaders and drug dealers. The more than 330 current and former politicians accused of being beneficiaries of the secret offshore accounts include Jordan’s King Abdullah II, former UK Prime Minister Tony Blair (seen together in Amman, Jordan, in 2004 in the photo above), Czech Republic Prime Minister Andrej Babis and Kenyan President Uhuru Kenyatta. Several denials of wrongdoing have been made.
The ICIJ says fortunes stashed abroad, often in the form of mansions, exclusive beachfront property, yachts and other assets, are made possible via a sprawling industry of enablers, from global law firms to trust companies to offshore specialists, many operating within the United States and other Western countries, like SwitzerlandExternal link.
The Pandora leak includes information on over 90 Swiss advisers – legal, notary and consulting firms – whose role in the offshore system is often obscured by more visible actors, like banks.
In Switzerland, banks are required to conduct due diligence on clients to identify money-laundering risks, and to report suspicious financial activities to authorities. But advisers have no such requirements unless they manage their clients’ money. A recent attempt by some Swisslawmakers to impose stricter rules on advisers failed. Opponents successfully argued that existing laws were sufficient to combat money laundering. Although having secretive offshore assets is not illegal, critics argue that it is used to avoid tax and that using a complex web of secret companies to move around money and assets is the perfect way to hide the proceeds of criminality.
A growing number of Swiss firms are requiring a Covid certificate in work settings.
The SonntagsZeitungreportsExternal link that Novartis and the insurance companies Swiss Re and Zurich will tighten Covid certificate rules for employees wanting to access their offices in the coming weeks.
Swiss Post became the first public company to require a certificate from employees who deliver letters and parcels to hospitals. Companies such as Amag, ABB, EY, the NZZ Group and the TX Group are also evaluating the introduction of the certificate at work.
Since mid-September, Switzerland has expanded the use of the Covid certificate in public life. They are now required to enter indoor public spaces, such as restaurants, bars and museums. The certificate may also be used by employers as part of a company’s protection plan. The Covid certificate provides proof of vaccination, recovery from infection or a negative test.
Do the personal details on my Covid certificate match those on my passport?
Ahead of the October break, numerous anxious holidaymakers in Switzerland are contacting local authorities to make urgent corrections to Covid certificates to be able to travel abroad without problems.
Some cantons are receiving up to 300 inquiries a day on this issue, according to Blick.chExternal link. If a middle name is missing, a date of birth is incorrect or an important element is misspelt, for example, certain customs officers can be unforgiving and you may be unable to make your journey, the paper reports.
Britain and Hong Kong are not very tolerant, a SWISS spokesperson told Blick. Greece can be problematic, as well as Cyprus, China, Japan and the US, the paper added. But there is no need to panic, says the news site, as cantons are usually able to make the small changes within a couple of days.
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