Switzerland Today
Greetings from Bern,
Switzerland has reported an increase in pandemic-related anti-Semitism. Also, as the fallout from the “Suisse Secrets” banking scandal continues, people of all political colours have had time to think about what to say. Here are the latest news and views from Switzerland on Tuesday.
In the news: The largest political grouping in the European Parliament has called for a review of Switzerland’s banking practices and for the country’s possible inclusion on the EU’s dirty-money blacklist after leaks of Credit Suisse documents.
- “When Swiss banks fail to apply international anti-money laundering standards properly, Switzerland itself becomes a high-risk jurisdiction,” said Markus Ferber, the European People’s Party’s coordinator on economic affairs. “Apparently, Credit Suisse has a policy of looking the other way instead of asking difficult questions.” Credit Suisse has rejected any allegations of wrongdoing. For more reaction on this topic, see below.
- A significant increase in anti-Semitic conspiracy theories linked to the Covid-19 pandemic was noted in a report published today. Attacks on synagogues in Geneva, Lausanne and Biel/Bienne last year “are a warning that words have consequences”, the authors said.
- The Swiss foreign ministry has condemned Russia’s formal recognition of two breakaway regions in eastern Ukraine. It was a “flagrant violation of international law, the territorial integrity and sovereignty of Ukraine and the Minsk agreements”, the ministry tweeted, calling on Russia “to uphold its international obligations and to reverse its action”.
Have all Swiss politicians slammed Credit Suisse, the country’s second-largest bank, following accusations that it had managed accounts for human rights abusers, fraudsters and businessmen who had been placed under sanctions? Far from it.
Many see the “Suisse Secrets” scandal as evidence of systemic shortcoming in the Swiss banking sector, which has undergone major reforms over recent years in a bid to shake off its image as a financial haven for criminals.
The calls for reform have come from at home and abroad. In Switzerland, the left-leaning Social Democratic Party and Green Party have called for anti-money laundering (AML) laws to be beefed up and for the financial regulator to be given the power to fine banks if they fail to perform adequate AML checks. Europe’s top parliamentary group wants to put Switzerland on a “blacklist” of high-risk finance hubs (see news above).
But there are some voices in Switzerland who speak about an unfair and hypocritical attack on Swiss banks.
Jürg Gasser, CEO of the Swiss Bankers Association, accused the media of “emotionally charged reporting” that ignored the behaviour of other countries. He pointed out that the United States still refuses to exchange tax data automatically and accused some US states as acting as offshore havens for foreign firms. Gasser also alluded to France and Germany battling to “emerge as winners” in a power struggle to grab taxes that are being lost in Britain due to Brexit.
Roger Köppel of the right-wing Swiss People’s Party, who is also editor-in-chief of the Weltwoche magazine, took aim at the “completely unqualified allegations of a left-wing journalistic cartel” focused on “nebulous, sweeping disparagement”.
The Financial Market Supervisory Authority (FINMA) said it was in contact with Credit Suisse, while the federal prosecutor’s office said it had taken note of the allegations. Neither body is willing to comment further at this stage.
In a personal essay and gallery, photographer Mark Henley reflects on the massive renovation of the United Nations Office at Geneva.
Henley has been based at the historic Palais des Nations, which is at the centre of the CHF836 million ($908 million) project, for several years. His pictures have been shortlisted for a Sony World Photo Prize.
Although Henley says the old building had its challenges – “drink the water from the taps at your peril” – he thinks it had an “enormous amount of charm”.
“I think I’m going to miss the huge pair of Belgian tapestries bearing half-naked women from around the world on the way to the UN’s main Press Briefing Room […] while the sniffer dogs ran around our equipment looking for explosives,” he says.
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