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Barclays Bank (Suisse) SA, Geneva; Barclays Capital, Zurich Branch of Barclays Bank PLC, London; HSBC Private Bank (Suisse) SA, Geneva; IG Bank S.A., Geneva; Lloyds Bank plc, Londres, succursale de Genève, Geneva *Standard Chartered Bank (Switzerland) SA (No offices anymore in Switzerland)
Among offshore banks, Swiss banks hold an estimated 35% of the world's private and institutional funds (or 3 trillion Swiss francs), and the Cayman Islands (over 2 trillion US dollars in deposits) are the fifth largest banking centre globally in terms of deposits.
Employees working in Switzerland and at Swiss banks abroad have "long adhered to an unwritten code similar to that observed by doctors or priests". [6] Since 1934 Swiss banking secrecy laws have been violated to a major extent by only four people, namely: Christoph Meili (1997), Bradley Birkenfeld (2007), Rudolf Elmer (2011) and Hervé Falciani ...
The Swiss Bankers Association (SBA) estimated that the banks hold between 150 billion and 200 billion Swiss francs ($213 billion) of Russian client money in offshore accounts.
Offshore banking offers some potential advantages, including tax benefits, asset protection, convenience, and ability to make investments in different currencies. However, there are also some ...
Credit Suisse Group AG (French pronunciation: [kʁe.di sɥis], lit. ' Swiss Credit ') is a global investment bank and financial services firm founded and based in Switzerland as a standalone firm but now a subsidiary of UBS.
The Swiss secrecy law two years later assured him of G-man-proof-banking. [12] Later, he bought a Swiss bank and for years deposited his Havana casino take in Miami accounts, then wired the funds to Switzerland via a network of shell and holding companies and offshore accounts. [12] Economist and Nobel Prize laureate Joseph Stiglitz, told Komisar:
Swiss and certain offshore banks have been criticized for such cooperation with individuals practising tax evasion. Although tax fraud is a criminal offence in Switzerland, tax evasion is only a civil offence, not requiring banks to notify taxing authorities. [3]