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

Cricketer V R Vanitha announces retirement at 31

Latest from -Top News

Bangladesh Elections on EU Radar

EU Pre-Election Team to Visit Bangladesh in September Ahead of 13th Parliamentary Polls…reports Asian Lite News Bangladesh Election Commission’s Senior Secretary Akhtar Ahmed announced on Monday that a European Union (EU) pre-election

After Pakistan, China Backing Iran Too?

China and Iran signed a 25-year comprehensive cooperation agreement that covered trade, energy and security, showcasing the strategic value that Beijing places on Tehran….reports Asian Lite News Despite its long-standing claims of

US-India ties is a slow-motion catastrophe

For the first time in two decades, Trump’s actions, statements, and coercive tone have made relations with the US a combustible domestic political issue in India, writes Manoj Menon The post-globalisation uncertainty

Modi Welcomes Marcos Jr to Delhi

PM Modi Welcomes Philippines President Marcos Jr to Strengthen India-Philippines Ties…reports Asian Lite News Prime Minister Narendra Modi on Tuesday warmly welcomed Philippines President Ferdinand R. Marcos Jr at Hyderabad House in

Is Bangladesh Turning Into a Theocratic State?

The rise of radical Islamic influence under Yunus’s watch threatens to transform Bangladesh from a secular democracy into a theocratic state….writes Anna Mahjar-Barducci Nobel Peace Prize laureate Muhammad Yunus’s transition from economist
Go toTop

Don't Miss

Suisse Secrets cast light on int’l money laundering

The Suisse Secrets project investigates these account holders, whose exploitation

UK, Switzerland ink post-Brexit deal

Hunt was in Bern, Switzerland, to sign the agreement with