February 21, 2022
1 min read

Suisse leak lands Switzerland in soup

The European People’s party (EPP), the largest political grouping of the European parliament, called for the EU to review its relationship with Switzerland and consider whether it should be blacklisted…reports Asian Lite News

The fallout from a huge leak of Credit Suisse banking data threatened to damage Switzerland entire financial sector on Monday after the European Parliaments main political grouping raised the prospect of adding the country to a money-laundering blacklist, The Guardian reported.

The European People’s party (EPP), the largest political grouping of the European parliament, called for the EU to review its relationship with Switzerland and consider whether it should be added to its list of countries associated with a high risk of financial crime.

Experts said that such a move would be a disaster for Switzerland’s financial sector, which would face the kind of enhanced due diligence applied to transactions linked to rogue nations including Iran, Myanmar, Syria and North Korea, the report said.

“When Swiss banks fail to apply international anti-money-laundering standards properly, Switzerland itself becomes a high-risk jurisdiction,” said Markus Ferber, the coordinator on economic affairs for the EPP, which represents Europe’s centre-right political parties.

“When the list of high-risk third countries in the area of money laundering is up for revision the next time, the European Commission needs to consider adding Switzerland to that list.”

The investigation, called Suisse secrets, identified clients of the Swiss bank who had been involved in torture, drug trafficking, money laundering, corruption and other serious crimes, The Guardian reported.

“Bank privacy laws must not become a pretext to facilitate money laundering and tax evasion. The Suisse secrets findings point to massive shortcomings of Swiss banks when it comes to the prevention of money laundering,” Ferber said, adding: “Apparently, Credit Suisse has a policy of looking the other way instead of asking difficult questions.”

ALSO READ: Suisse Secrets cast light on int’l money laundering

Previous Story

Ukraine crisis: How long can India’s juggle last?

Next Story

UAE leaders discuss future development plans

Latest from -Top News

UK Govt Outlines New Approach at G20

UK is resetting its relationship with countries in the Global South and helping countries exit the need for aid The UK is resetting its relationship with countries in the Global South and

Cumbria project finalist in global river awards

Cumbrian River Restoration Partnership Programme selected as finalist in the Thiess International Riverprize Awards. Winner announced in Brisbane in September…reports Asian Lite News The Cumbrian River Restoration Partnership Programme has been named

AUKUS treaty deepens UK-Australia defence ties

Foreign Secretary and Defence Secretary in Australia alongside UK’s Carrier Strike Group – demonstrating government’s commitment to a free and open Indo-Pacific…reports Asian Lite News A new 50 year AUKUS treaty will

US Eyes Plan B for Gaza Ceasefire

The US negotiating team is returning home from Qatar for consultations upon Hamas’ latest response which he called “selfish”…reports Asian Lite News US Special Envoy to the Middle East, Steve Witkoff, has

Modi Lands in Malé for Big Day

PM Modi is visiting the Maldives at the invitation of President Muizzu to participate as the Guest of Honour at the country’s 60th Independence Day celebrations…reports Asian Lite News Prime Minister Narendra
Go toTop

Don't Miss

India fourth largest forex holder in world

India’s salient external sector sustainability indicators are strong and much

Switzerland takes bold steps to combat climate change

Switzerland is grappling with many climate change consequences, notably the