Despite new laws, banking officials in Switzerland are slow in combating money laundering.
“Money laundering” is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source.
The rise of global financial markets makes money laundering easier than ever nowadays — countries with bank-secrecy laws are directly connected to countries with bank-reporting laws, making it possible to anonymously deposit “dirty” money in one country and then have it transferred to any other country for use.
A recent investigation into alleged money laundering at an HSBC branch revealed the bank knowingly broke the law and accepted illegal funds from notorious arms dealers and blood diamond traders.”
Source: Money laundering operation at Geneva branch of HSBC https://www.youtube.com/watch?v=LsiTDf8fFWg
See related video: HSBC Money Laundering Whistleblower Tells All https://www.youtube.com/watch?v=f4LI5ttDvvs
By some estimated banks in Switzerland house $2.1 trillion or 34% of offshore wealth.
For its part the Swizz government conceded in a June 2015 report that the country’s banks are not immune from fraud, embezzlement, crimes and corruption.
See special report: The HSBC tax scandal – a conspiracy at highest level of government and banking? https://www.youtube.com/watch?v=mqbQzZ_JA3k
See related video: Banking Giant HSBC ‘A Criminal Organization’ https://www.youtube.com/watch?v=CDU9rOBGkNA
See video: ‘Terrorism funding just one thing banks getting away with’ – HSBC whistleblower https://www.youtube.com/watch?v=CDGgT0L_SCw