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Swiss Banking Regulator Detects Money Transfer From a 'Corrupt' Country
Swiss Regulator Detects Money Transfer From 'Corrupt' Country
Bern, April 27 (Bloomberg) -- The ruling family of a
''corrupt'' state transferred 300 million deutsche marks
($163 million) out of Switzerland last year, the Swiss Federal
Banking Commission said.
The commission, which supervises Swiss banks, said it
isn't allowed to name the country where the money originated
or the people involved. Funds from the alleged corruption
stemmed from a ''large construction project,' and flowed
through a Swiss affiliate of a foreign bank over an eight-
month period, the Commission said, without naming the banks.
Swiss banks have been trying to improve their image
following allegations of the hoarding of assets after World
War II that led to a $1.25 billion payment to Jewish Groups
last year by UBS AG, Europe's second-biggest bank, and others.
Swiss banks have also been criticized for their secrecy, which
dictators and criminal organizations have used to move money
in and out of the country. Reforms in recent years have made
Swiss banks more accountable, and the commission said today it
forced the Swiss affiliate to change its practices.
''The money came from a very corrupt country,'' and both
the foreign bank and its Swiss affiliate knew of the origin of
the funds, said Daniel Zuberbuehler, the commission's
director, at a Bern press conference.
The handling of funds known to originate from corrupt
practices is against Swiss banking law, the commission said,
and the Swiss affiliate has been forced to replace several of
its officials, though it continues to do business in
Switzerland.
Earlier this month, French authorities asked Switzerland
for help in their investigation of Swiss banking transactions
on behalf of Yugoslav President Slobodan Milosevic's family,
Swiss newspapers reported.
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