Whenever there a fraud in our country, we often hear about SWISS BANKS and also our government tells us many times to bring back the Black Money from the SWISS BANKS. So, what makes Swiss banks different from other Banks?, and why convicted Rich people overwhelmingly prefer Swiss banks as an idle destination for hiding their Black Money.
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| SWISS BANKS ARE IDEAL FOR BLACK MONEY. |
⦁ THE BANKING LAW OF SWITZERLAND.
Account Details are not disclosed to anyone.
As per the Banking Law of Switzerland, the bank officials are not allowed to reveal the official name and other personal details of the Accountholders to anyone without the official permission of the Government, they are revealed only on the special instructions from the Swiss Court and the court passes such instructions only when there are criminal charges against the Account Holders like Moneylaundering, Fraud, etc. So the accounts maintained with the Swiss banks are Secret accounts when someone opens a Bank account with the Swiss bank he has to do the KYC like any other normal banks but the key difference is that Swiss Banks does not make known the Name, Address or other personal details of the account holders in its Bank Statements and Bank Records so the excessive secrecy of the accountholders is obstinately maintained with the Swiss banks and one cannot identify the account holder. And this is undoubtedly the corrupt reason why corrupt people reluctantly open their private accounts with the Swiss Banks.
Many countries have opposed this system of Switzerland and have pressurized the government to change its policy, but the Swiss government feels that there is no Flaw in their policy and there is no need to make any changes in its policy.
⦁ HOW SWISS BANKS FUNCTIONS?
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| UBS Bank has an abundance of Black Money. |
There are 400+ banks in Switzerland where people can open their accounts but the main Banks are UBS and CREDIT SUISSE out of which majority of the accounts are opened with UBS Bank if we talk about the Total Deposit of UBS Bank it is close to $2.5 trillion which is quite close to the total GDP of India. Swiss Banks is quite liquid as they are not involved in Commercial Loans, unlike other banks which are quite dependent on giving Loans and suffer huge losses when there is a default in repayment of that Loan because of which Swiss banks are considered safest banks in the world as the chances of loss of money is invariably very less.
The other difference is that Swiss banks do not serve any interest to its account holders for their abundant money instead they levy standard fees for opening accounts with them like for UBS Bank it is 0.6% and the minimum deposit to open a Swiss bank account is $50,000. The other main advantage is that Swiss Frac(the official currency of Switzerland) and their financial system is quite stable as compared to other countries in the World as the Swiss Government prefers to stay neutral in various political matters in the World, so their financial system and Government are very stable.
⦁ CONCLUSION.
People hire agents and deposit their Black money in the Swiss banks and as per the Banking Law their identity is not revealed which means their money is safe with the Swiss banks, it is next to impossible to bring back the Black Money from the Swiss Banks as the Government is quite strict and their main source of Income is through Deposits from Rich people from around the World, so if any Politician or government promises to bring back the black money from the Swiss Bank Accounts do not believe them as it is not practically possible to do so. If you assuredly found this Blog/Article informative and genuinely interesting generously share it with your dear friends and family members and leave your feedback in the comment section below.THANK YOU STAY, STAY SAFE STAY UPDATED.
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