Samson » February 22nd, 2022
Oil prices rise to $99 per barrel
22nd February, 2022 UPDATE
Oil prices rose again to reach $99 per barrel, with the escalation of the Ukrainian crisis.
And oil prices jumped, this morning, more than two dollars, to a new record in seven years, after Russia ordered the deployment of its forces in two separatist regions in eastern Ukraine, in an escalation of a crisis that Western leaders warned that it could ignite a war.
This came after US and European officials condemned the Russian move, although a US official said that the Russian military action did not yet constitute an invasion that could lead to the imposition of wide-ranging sanctions. LINK
4 secrets that make Swiss banks the “best haven” for suspicious money
22nd February, 2022
Why do drug dealers, criminals, terrorists and corrupt politicians choose Swiss banks specifically to protect their “suspicious” money, and do Swiss banks still have the same old reputation and are considered the best refuge for suspicious funds?
Banking secrecy… the motto of Swiss banks
Hollywood movies depict gangsters or corrupt politicians depositing their fireless cash into Swiss banks, using an anonymous numbered account whose owner is never known.
Swiss banks do sanctify customer secrecy, but first let’s agree that anonymous numbered accounts are just a myth, it’s just that Swiss banks have a reputation for anonymity, based on Swiss banking secrecy law, what is this law?
Simply put, the Swiss banking secrecy law is based on the bank’s customer’s right to privacy, so the bank guarantees him that his data will not be shared with any third parties. on the privacy of their patients and the duty of lawyers to maintain the confidentiality of their clients.
According to Future Learn, there are two aspects of bank secrecy law that are incorporated into the legislative codes of Swiss banks and exchanges:
The first aspect: related to banking business, and Swiss banks are obligated, according to this part of the law, to maintain the confidentiality of customer information. They do not share with third parties any information about the customer, his transactions, the transfers he made or the amounts he deposited, and they are not entitled to notify any party whether Someone had an account with a Swiss bank or not.
The second aspect is taxation, as Swiss banks are not allowed to share information about those accused of tax evasion. Under Swiss law, breaching bank secrecy is a criminal offence. However, there are certain cases in which bank secrecy is lifted. It includes, for example, the case of criminal proceedings against a person accused of tax fraud (noting that tax fraud is different from tax evasion, as Swiss banks protect tax evaders but are obliged to provide information to those accused of fraud, i.e. those who have submitted false papers and documents to tax authorities).
How did Swiss banks become a haven for suspicious money?
Since secrecy is sacred in Swiss banks I think it is now clear why these banks have always been the best choice for illicit money holders who want to keep their huge sums secret.
Confidentiality is not the only factor, as we can say that various factors have combined to make Switzerland the best place in the world to hide money, including:
Secrecy Technology and Banking Evolution
Political neutrality and avoidance of conflict
Switzerland’s rugged mountainous terrain
In terms of confidentiality, as well as being protected by Swiss law, the only people who have access to a customer’s identity are one person, the private banker, and two high-ranking managers of the bank.
On the technology side, says Ashish Shank, chief investment officer at Motilal Oswal, who also worked at Sarasin, a Swiss bank founded in 1841: “From secret vaults to high-tech, the Swiss have been responsible for delivering all this and more to the banking sector.”
The Swiss banking system has been distinguished from the rest of the world since antiquity, and Switzerland has always been at the fore when it comes to the development of the banking system or the confidentiality of customers. Swiss banks have long been a safe custodian of the money of the wealthy in Europe and around the world.
Switzerland’s political neutrality has helped strengthen its position as a safe haven for money, as Switzerland has remained neutral and kept out of all conflicts and wars.
During the first and second world wars, Switzerland remained completely neutral, and did not enter into an armed conflict with any of the conflicting parties, so it is natural for Swiss banks to be a haven to hide the money of emperors, dictators, leaders and businessmen from both the Axis and Allied countries.
On the other hand, the mountainous terrain of Switzerland made it easy for the Swiss to create large-scale secret vaults.
An American war on Swiss banks because of drug dealers and terrorists
But all this does not mean that the world’s governments simply succumb to the Swiss banking laws that protect the money of people classified as criminals in their own countries. Over the decades, several countries have waged wars against Swiss banks, and the United States was the most prominent of those countries that were interested in knowing the details of their citizens’ bank accounts in Swiss banks, according to GQ.
The US war on Swiss banks began as early as the 1970s when the US government was trying to crack down on drug cartels.
That war eventually led to Swiss banks agreeing not to take drug or crime money. However, the United States again tightened the screws on Swiss banks after the events of the 11th of September, because it suspected that people accused of terrorism deposited huge sums of money in Swiss banks.
2018 The end of the era of Swiss secrecy
After all the wars against Swiss banks, are they still as secretive as they used to be? The short answer to this question is: No.
We can say that the era of Swiss banking secrecy has ended as of October 2018. Since that date, the Swiss Federal Tax Administration (FTA) has started sharing the information of customers who have accounts in Swiss banks with their countries of origin. If you are an American, for example, The US government can find out the details of your bank accounts in Switzerland.
According to the FTA, Switzerland is obligated to provide customers information to their countries of origin, including their balances, remittances and other details related to them, but this law is effective from 2018 onwards, and does not include previous years.
Why does everyone prefer Swiss banks?
Even with the end of the era of Swiss bank secrecy, they are still a safe option for many. If someone had a Swiss bank account before 2018, they could still limit their government’s access to their banking information. Although Swiss banks no longer help tax evasion as of 2018, they are still a safe haven to protect privacy and assets.
It is important to remember that Swiss banks are not only a haven for the money of gangsters and corrupt politicians, but are also the best option for businessmen who have earned their money legitimately, as Swiss banks help them hide part of their wealth to protect themselves, for example, from lawsuits that may target their money that are in their countries’ banks, or from divorce settlement lawsuits that may cost them a huge part of their wealth.
Due to the stable nature of the Swiss economy, the money deposited in Swiss banks remains mostly safe and immune from most global catastrophes including wars, conflicts and economic collapses, so despite everything it remains the best option for the wealthy who want to protect their money. LINK
Source: Dinar Recaps
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