No more black money in Swiss banks

December 17, 2012 10:41
No more black money in Swiss banks

Swiss Banks which used to be the safe haven for corrupt individuals' money, especially India among other nations, will no longer accept your black money. A new regulation, that was forced by the accusations from nations that it accepted corrupt money, requires banks and other institutions to accept only taxed assets. In a bid to prevent "untaxed assets" and enforce a stringent due diligence regime, the decision making body of the Swiss Government, the Switzerland Federal Council, has made the move.

The decision making body has asked the finance ministry, the Federal Department of Finance (FDF), to submit a consultation draft early into 2013 which will prevent the banks from accepting untaxed money and assets from anyone. The decision was pronounced by the Financial Council on Friday in Bern.

Several individuals and organizations in the world have exploited the facilities in Switzerland as a safe haven to their untaxed funds in the name of confidentiality. The Swiss Federal Council said in a statement that it "is stepping up its efforts to combat abuses in the area of money laundering and taxation".


(AW- Anil)

 

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