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Why is Switzerland not treated like a Terrorist,Renegade Country on Par with North Korea

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Switzerland is one of the richest,most developed countries in the world hosting one of the biggest financial centre in the world and home to two of the largest banks UBS and Credit Suisse.Switzerland has been long been regarded as a neutral safe haven for money with the its currency Swiss Franc thought to be a risk averse store of value.Switzerland is known for its excellent banks which provide a high degree of  safety and secrecy.But the less publicized fact is why this small mountainous country attracts trillions of dollars in wealth from around the world.Its because of its secrecy laws which don’t allow the name of the bank account holder to be revealed unless its proven that it is due to criminal misconduct.This Law has made Switzerland the safe haven for all kinds of criminal wealth including drugs,guns,prostitution,genocide etc.The recent spat between USA and Switzerland over the revealing of US tax evaders brought this anomaly into the open.Switzerland is the only large country to have such a law which promotes crime and tax evasion globally.

Switzerland is on par with terrorist,renegade countries like North Korea which promotes illegal acts.The Swiss do it on a much larger and subtler scale than North Korea.Despots from countless third world countries deposit their ill gotten billions into Swiss Banks.India recently has found that around $500-1400 billion of black money has been deposited into foreign banks mainly Swiss.This mainly constitutes money made by massive corruption and looting of public  resources.The presence of a an easy store of criminal wealth promotes corruption and crime around the world with a Swiss Bank account a badge of honour for criminals.The Swiss lover their secrecy laws which contributes heavily towards their luxurious lifestyles,however with big countries getting annoyed over the loss of taxes in these times of fiscal deficits,it looks the Swiss might have to buckle at least to the powerful ones.However for the 3rd world poor countries with little power and corrupt government,Switzerland continues to play the banker to people who loot money from the poor.

Swiss lawmakers reject UBS tax deal with U.S.

Switzerland’s effort to end a tax-evasion dispute with Washington hit a major setback Tuesday when lawmakers blocked a treaty that would have seen the largest Swiss bank give U.S. authorities files on thousands of American clients.The Swiss government and Washington had painstakingly crafted the treaty last August to resolve a long-standing dispute over UBS AG’s alleged role in aiding tax evasion, but 104 nationalist and left-wing lawmakers in Switzerland’s lower house, the National Council, voted against the deal, compared to 76 in favor, after their demanded amendments were refused. Sixteen lawmakers abstained.The government and industry groups had urged lawmakers to sign off on the treaty to avert harm to the Swiss economy, which is heavily dependent on the country’s banking industry.”With today’s negative decision the National Council has unfortunately done a disservice to Switzerland’s standing as an economic and financial center,” said the Swiss Bankers Association, which has pushed for the UBS case to be concluded so the industry can move forward.The association called on lawmakers to change their minds and approve the treaty, claiming that failure to do so “would strain even further the important bilateral relations between Switzerland and the United States.”


Sneha Shah

I am Sneha, the Editor-in-chief for the Blog. We would be glad to receive suggestions, inputs & comments on GWI from you guys to keep it going! You can contact me for consultancy/trade inquires by writing an email to

2 Responses so far | Have Your Say!

  1. Mayur

    Its not only switzerland my friend.,there are more than 50 such countries.Some of them are isle of man,cyprus,dubai,singapore,hong kong and our all time favourite-Mauritius.More money flows in from Mauritius into the indian stock market than from any other place.Cyprus comes in a close second.Most of this ‘investment’ or should I say manipulation comes in the form of Participatory notes in which the true identity of the investor is never known.They pay no taxes i.e.STT ,which you and I pay if we buy shares in the stock market due to something called the double taxation treaty,which is a joke acutally cause they pay no taxes in Mauritius too.They indulge in massive manipulation of the stock markets,circular trading,in which they trade amongst themselves or their associates to jack up the share value before they offload it to gullible investors.And the govt just sits and does nothing.And if this route is not enough,they have the FDI route.This is even better as the ‘foreign investors’ do not even need govt approval if they invest in certain sectors.And their all time favourite is the Real estate sector.Brilliant.And if that is not enough,we have HDFC and ICICI bank who are controlled from Singapore.Their major stake is held by Temasek holdings,which on paper is the Singapore govt’s investment arm,but in reality is a money laundering operation.The real owners are the politicians and businessmen of this country.

  2. Abhishek Shah

    Thanks Mayur for your comment.I agree with your comment though I did not know about Temasek being a “money laundering” operation.Do you have any article or facts about this,I will be happy to publish it here.Also I looked at your website which is very informative.