The Swiss have US$1 trillion in dirty money – now think what it could do
Tucked away low down in an article in the August edition of the Swiss review, there is this:
“Switzerland has become a paradise for foreign capital on which tax is not paid. The uproar from foreign governments is understandable.”
These are not the words of a critic of the banks, but of private banker Konrad Hummler. He says that around 30%, or CHF 1,000 billion, of the CHF 2,800 billion or so of foreign assets in Swiss banks is untaxed “black money”.
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