Switzerland – Swiss Bank Accounts And Black Money

May 29, 2015

By Padmini Arhant

Switzerland – The self-declared neutral country after all may not be neutral on issues concerning humanity – the financial holdings in Swiss bank accounts in particular.

The Swiss economy capitalized with monetary assets held in Swiss financial institutions – UBS, Credit Suisse…and other banks in Switzerland from foreign account holders – the rich, famous and the powerful across the globe.

The accounts facilitating safe haven on tax evasions, black money, kickbacks from deals in political, economic, entertainment, sports as well as religious domains is a major setback for global economy with severe impact on developing nations due to revenue depletion.

Switzerland’s recent disclosure releasing names of account holders from selective nations such as India appreciated by Indian political members as Swiss authorities initiative in the crackdown on offshore hoardings.

Although the step is a positive measure, the names ought to be included in addition to what was provided in the disclosed member list somehow not appearing by omission is perhaps the challenge for Switzerland.

Switzerland information in this regard is inadequate and does not fulfill the requirement on cooperation expected in collective efforts on black money recovery or tax income to respective nations worldwide.

The financial institutions in Switzerland, Singapore and many island destinations tax shelters are the gateway for the rich in mobilizing wealth from illegal dealings and tax fraud.

The protection guaranteed to account holders in Swiss bank accounts is complicity in fraudulence and fostering illegal transactions contributes to money laundering and criminal activities considering not all funds are necessarily originating from legitimate sources and means prior to reaching overseas accounts.

As a result the nations financial sector involvement as fiduciary is in violation of international compliance for not declining funds transfer affecting sovereign nations economic progress.

Switzerland has unique opportunity to reverse the trend and come forward with details on all members rather than random choices and exemplify commitment in the exposure without exception.

At the same time, Indian incumbent administration claim on setting up the Special Investigation Team to pursue black money with a bill pending passage to combat black money abroad prescribing stiff penalties is self-contradictory having received black money in campaign donations during national election in 2014 and subsequent state elections flushed with similar sources revealed in the yoga guru and the political party representative inadvertent admission.

The Special Investigation Team appear to have been instructed to spare specific personalities in the Indian political and affluent circle while the focus remains on token offenders to convince the public.

The G-20 summit in November 2014 agreement to curb tax evasion with exchange of information between countries evidently not translated into action with Switzerland withholding prominent members data.

The people are the victims in this tradition to deceive nations from fair share of taxes and black money accumulation as they are burdened with superficial national debt lasting over generations in the developed and developing nations of the world.

Any laws are meaningful only upon application to all reflecting seriousness and fairness important to demonstrate equality and justice.

Peace to all!

Thank you.

Padmini Arhant

 

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