Britain has retained its spot as third best country in the world despite anxieties over Brexit, a global survey suggests. Switzerland took first place followed by Canada and the UK, the survey by US News & World Report, Y&R’s BAV Consulting and the Wharton School of the University of Pennsylvania shows.
With a new law to help seize and repatriate illicit wealth stashed in Swiss banks by foreign dictators and a positive – but slow - track record, Switzerland is a leader in the return of illicit dictator funds, a top Swiss official claims. Over the past 30 years Switzerland has returned almost US$ 2 billion misappropriated and deposited in Swiss banks by “politically exposed persons” (PEPs).
The US has announced sanctions against four alleged members of Colombia's Farc rebel group, accusing them of drug trafficking and money laundering. The four men used a shop in Switzerland as a front for their activities, the US treasury department said. It says the Farc still use drugs to fund their “ruthless operation”.
The United States asked Switzerland on Thursday to extradite seven FIFA officials arrested in an investigation into a global bribery scandal at soccer's governing body, the Swiss Federal Office of Justice (FOJ) announced.
Swiss authorities say they have evidence of 53 suspicious FIFA-linked banking relations reported by Swiss banks. Under the Anti-Money-Laundering Framework of Switzerland, banks are required to report any suspicious activity that happens within their accounts. Some of the 53 suspicious reports are among 104 banking relations already known by the investigators.
Denmark has cut its key interest rate to prevent the Krone from strengthening in the wake of Switzerland's decision to scrap the franc's peg to the Euro. There has been speculation that Denmark could follow the Swiss move by removing the Krone's link to the Euro.
Switzerland has charged a former computer analyst at HSBC's private bank in Geneva with industrial espionage and breaching the country's secrecy laws for passing confidential client data to foreign authorities.
Switzerland took a step forward on implementing its double taxation agreement (DTA) with Argentina as the Federal Council adopted the dispatch on the deal and submitted it to parliament for approval. Meanwhile, in Argentina the agreement has already been passed by the Foreign Affairs and Budget Committees of the Lower House and was cleared for debate.
Switzerland’s government rejected a law suit filed by US hedge funds asking to set an embargo on Argentina's assets deposited in Switzerland based Bank for International Settlements as they claim the payment of a 1 billion dollars debt.
The United States has written to Switzerland to demand it hands over detailed information this week on its citizens using Swiss accounts to dodge tax or see Credit Suisse and nine other banks face charges, newspapers reported.