Several people were killed and others injured after a powerful explosion ripped through a bar in the luxury Alpine ski resort town of Crans-Montana, Switzerland, during New Year celebrations. Swiss police confirmed the blast occurred early Thursday and said the cause of the explosion remains unknown.
Emergency responders rushed to the scene as authorities secured the area and launched an investigation. The incident has shocked the resort community and raised concerns about safety during the peak holiday season at one of Switzerland’s most popular winter destinations.


Deadly Explosion Hits Swiss Ski Resort Crans-Montana | Several Killed, Many Injured 

Switzerland has delivered a decisive verdict on a landmark proposal to tax the super-rich. In a nationwide referendum, 78 percent of voters rejected a 50 percent federal inheritance tax on fortunes above 50 million francs.


Switzerland Protects Low-tax Model, Rejects 50% 'Rich Tax'

Swiss banking giant UBS has completed its emergency takeover of local rival Credit Suisse. This will make UBS a trillion dollar banking behemoth. The combined group will oversee 5 trillion dollars of assets, which will give UBS a leading position in key markets. the two banks now jointly employ about 120,000 worldwide, although UBS has said it will be cutting jobs to reduce costs.

Credit Suisse is now a part of UBS | World Business Watch

Investors in Asia are joining international lawsuits against the Swiss government for its handling of affairs during the takeover of Credt Suisse, the iconic but troubled bank. Authorities in Switzerland forced Credit Suisse to merge with rival UBS to prevent own collapse.

Though the takeover averted a catastrophe in Swiss banking system, it made bonds worth USD 17 billion held by investors worthless.

An anonymous investor quoted by BBC had bought USD 500000 worth of bonds in January. The investor took the decision even after several problems in the bank.

"Whenever I spoke to them, the bank gave me constant reassurances that this was just a blip, so I decided to go for it. It didn't feel like I was gambling," BBC quoted the investor as saying.

The type of bonds bought in this case were reportedly AT1, a riskier type of bond the value of which can be written down to zero. This is something that happened when Credit Suisse was taken over by UBS.

Now, dozens of bondholders in Singapore are joining hands to hold the Swiss government responsible. The main grievance is the manner in which the merger was conducted.

The investors reportedly claim that terms of bonds should have made them first to be compensated when the bank was on the brink of collapse. The bondholders were to be given priority over shareholders. However, shareholders were allowed to exchange their Credit Suisse shares with UBS shares.

This in effect means that shareholders got something but bondholders did not.

The legal firm, which is representing bondholders, has alleged that the Swiss regulator's decision was "an unlawful action" and that it had "devastating consequences on thousands of retail and small investors globally."

Bondholders who talked to BBC expressed frustration after losing their money and&nbsp;questioned Switzerland's banking reputation.

"We're losing sleep over this. It should have been a rock solid investment, but now I think the reputation of Switzerland and Swiss banks has gone down the tube," said an Asian investor quoted anonymously by BBC.

"Who in the world is going to trust Switzerland anymore?"

(With inputs from agencies) 
 
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Investors in Asia are joining international lawsuits against the Swiss government for its handling of affairs during the takeover of Credt Suisse, the iconic but troubled bank.

Investors in Asia are joining international lawsuits against the Swiss government for its handling of affairs during the takeover of Credt Suisse, the iconic but troubled bank. Authorities in Switzerland forced Credit Suisse to merge with rival UBS to prevent own collapse. Though the takeover averted a catastrophe in Swiss banking system, it made bonds worth USD 17 billion held by investors worthless. An anonymous investor quoted by BBC had bought USD 500000 worth of bonds in January. The investor took the decision even after several problems in the bank. "Whenever I spoke to them, the bank gave me constant reassurances that this was just a blip, so I decided to go for it. It didn't feel like I was gambling," BBC quoted the investor as saying. The type of bonds bought in this case were reportedly AT1, a riskier type of bond the value of which can be written down to zero. This is something that happened when Credit Suisse was taken over by UBS. Now, dozens of bondholders in Singapore are joining hands to hold the Swiss government responsible. The main grievance is the manner in which the merger was conducted. The investors reportedly claim that terms of bonds should have made them first to be compensated when the bank was on the brink of collapse. The bondholders were to be given priority over shareholders. However, shareholders were allowed to exchange their Credit Suisse shares with UBS shares. This in effect means that shareholders got something but bondholders did not. The legal firm, which is representing bondholders, has alleged that the Swiss regulator's decision was "an unlawful action" and that it had "devastating consequences on thousands of retail and small investors globally." Bondholders who talked to BBC expressed frustration after losing their money and questioned Switzerland's banking reputation. "We're losing sleep over this. It should have been a rock solid investment, but now I think the reputation of Switzerland and Swiss banks has gone down the tube," said an Asian investor quoted anonymously by BBC. "Who in the world is going to trust Switzerland anymore?" (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Credit Suisse: Bondholders in Asia sue Swiss government after wipeout

The Swiss National Bank expects a $143 billion loss for the 2022 financial year, the biggest loss in its 116-year history. Watch this to know more.

World Business Watch: Swiss central bank posts biggest loss in 116 years

A $2 million punishment was levied on Credit Suisse on Monday in a money laundering case connected to a Bulgarian cocaine network. Credit Suisse is the second-largest bank in Switzerland and has been rocked by a number of scandals.

The bank was found guilty of violating its corporate duty by the Swiss Federal Criminal Court for failing to take action to stop the criminal organisation from laundering money.

Two million Swiss francs ($2.1 million) in fines were imposed on Credit Suisse. The bank, based in Zurich, plans to appeal.

It was blamed for failing to oversee "financial relations" connected to the criminal gang and to assure their "compliance with anti-money laundering rules" up through its hierarchy and by its legal and compliance divisions. 
 
Watch | Swiss consider amending Banking Secrecy laws

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Despite clear indicators that the money had illegal origins, a former employee was found guilty of aggravated money laundering for a number of transactions she carried out or directed to be done between July 2007 and December 2008.

Her activities enabled the criminal organisation to conceal more than 19 million Swiss francs from law enforcement.

She received a fine and a 20-month prison sentence that were both suspended.

Credit Suisse issued a succinct statement in which it noted the court's ruling and declared its intention to appeal.

Additionally, two Bulgarians were convicted of aggravated money laundering and involvement in a criminal organisation.

The court also ordered the confiscation of a sum equivalent to more than 12 million francs concerning funds deposited with Credit Suisse by the criminal organisation.

Furthermore, the bank will have to compensate the more than 19 million francs in assets belonging to the criminal organisation "which could not be confiscated due to the bank's internal failures", the court statement said.

(With inputs from agencies) 
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A $2 million punishment was levied on Credit Suisse on Monday in a money laundering case connected to a Bulgarian cocaine network. Credit Suisse is the second-largest bank in Switzerland and has been rocked by a number of scandals.

A $2 million punishment was levied on Credit Suisse on Monday in a money laundering case connected to a Bulgarian cocaine network. Credit Suisse is the second-largest bank in Switzerland and has been rocked by a number of scandals. The bank was found guilty of violating its corporate duty by the Swiss Federal Criminal Court for failing to take action to stop the criminal organisation from laundering money. Two million Swiss francs ($2.1 million) in fines were imposed on Credit Suisse. The bank, based in Zurich, plans to appeal. It was blamed for failing to oversee "financial relations" connected to the criminal gang and to assure their "compliance with anti-money laundering rules" up through its hierarchy and by its legal and compliance divisions. Watch | Swiss consider amending Banking Secrecy laws Despite clear indicators that the money had illegal origins, a former employee was found guilty of aggravated money laundering for a number of transactions she carried out or directed to be done between July 2007 and December 2008. Her activities enabled the criminal organisation to conceal more than 19 million Swiss francs from law enforcement. She received a fine and a 20-month prison sentence that were both suspended. Credit Suisse issued a succinct statement in which it noted the court's ruling and declared its intention to appeal. Additionally, two Bulgarians were convicted of aggravated money laundering and involvement in a criminal organisation. The court also ordered the confiscation of a sum equivalent to more than 12 million francs concerning funds deposited with Credit Suisse by the criminal organisation. Furthermore, the bank will have to compensate the more than 19 million francs in assets belonging to the criminal organisation "which could not be confiscated due to the bank's internal failures", the court statement said. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Top Swiss Bank 'Credit Suisse' fined over drugs gang money laundering

Article 47 in Switzerland is known as the Banking secrecy law. It makes a criminal offence to disclose information about a bank's clients even if it is the public interest to do so

Swiss consider amending Banking Secrecy laws

&nbsp;A leak of data from a leading Swiss bank has revealed information about 600 accounts linked to 1400 Pakistani citizens, media reports said on Sunday. Account-holders include several key politicians and generals, including the ex-ISI chief, General Akhtar Abdur Rahman Khan, according to data leaked from Credit Suisse, an investment banking firm registered in Switzerland.

A report published in The New York Times said Khan helped funnel billions of dollars in cash and other aid from the United States and other countries to the mujahedeen in Afghanistan to support their fight against the Soviet Union.The Saudi Arabian and US funding for mujahideen fighters battling Russia's presence in Afghanistan went to the American Central Intelligence Agency's (CIA) Swiss bank account, the Dawn newspaper reported, citing an Organized Crime and Corruption Reporting Project (OCCRP) report.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-pm-imran-khan-faces-flak-over-new-laws-to-silence-media-opposition-454977">Pakistan PM Imran Khan faces flak over new laws 'to silence media, Opposition'</a>

"The end recipient in the process was Pakistan`s Inter-Services Intelligence group (ISI), [at the time] led by Akhtar," the publication quoting the report said.The average maximum balance in accounts held by Pakistanis was 4.42 million Swiss francs, The News International newspaper reported. The Pakistani publication further noted that several politically exposed persons didn't mention these accounts which they opened at a time when they were holders of public office, in their assets declaration submitted to the Election Commission of Pakistan.

Watch |&nbsp;Pakistan eyes citizens' gold to boost foreign exchange reserves

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The latest leaks follow the so-called Panama Papers in 2016, the Paradise Papers in 2017 and the Pandora Papers of last year. A self-described whistle-blower leaked data on more than 18,000 bank accounts, collectively holding more than $100 billion, to the German newspaper Suddeutsche Zeitung, reported The New York Times. Further revelations are expected in the upcoming days, as more information about the leak becomes public. Earlier in January, Pakistan ranked 140 out of 180 on Corruption Perception Index (CPI) 2021 by Transparency International, losing 16 spots over the previous year.

A leak of data from a leading Swiss bank has revealed information about 600 accounts linked to 1400 Pakistani citizens, media reports said on Sunday. Account-holders include several key politicians and generals, including the ex-ISI chief, General Akhtar Abdur Rahman Khan, according to data leaked from Credit Suisse, an investment banking firm registered in Switzerland.

A leak of data from a leading Swiss bank has revealed information about 600 accounts linked to 1400 Pakistani citizens, media reports said on Sunday. Account-holders include several key politicians and generals, including the ex-ISI chief, General Akhtar Abdur Rahman Khan, according to data leaked from Credit Suisse, an investment banking firm registered in Switzerland. A report published in The New York Times said Khan helped funnel billions of dollars in cash and other aid from the United States and other countries to the mujahedeen in Afghanistan to support their fight against the Soviet Union.The Saudi Arabian and US funding for mujahideen fighters battling Russia's presence in Afghanistan went to the American Central Intelligence Agency's (CIA) Swiss bank account, the Dawn newspaper reported, citing an Organized Crime and Corruption Reporting Project (OCCRP) report. Also read | Pakistan PM Imran Khan faces flak over new laws 'to silence media, Opposition' "The end recipient in the process was Pakistan`s Inter-Services Intelligence group (ISI), [at the time] led by Akhtar," the publication quoting the report said.The average maximum balance in accounts held by Pakistanis was 4.42 million Swiss francs, The News International newspaper reported. The Pakistani publication further noted that several politically exposed persons didn't mention these accounts which they opened at a time when they were holders of public office, in their assets declaration submitted to the Election Commission of Pakistan. Watch | Pakistan eyes citizens' gold to boost foreign exchange reserves The latest leaks follow the so-called Panama Papers in 2016, the Paradise Papers in 2017 and the Pandora Papers of last year. A self-described whistle-blower leaked data on more than 18,000 bank accounts, collectively holding more than $100 billion, to the German newspaper Suddeutsche Zeitung, reported The New York Times. Further revelations are expected in the upcoming days, as more information about the leak becomes public. Earlier in January, Pakistan ranked 140 out of 180 on Corruption Perception Index (CPI) 2021 by Transparency International, losing 16 spots over the previous year.

Billions of dollars stashed by Pakistani generals, officials in Swiss bank: Reports

Credit Suisse, which is a global investment bank and financial services firm based in Switzerland, on Sunday (February 20) said that it "strongly rejects" allegations of wrongdoing. Credit Suisse is apparently Switzerland's second-largest lender. &nbsp;

Multiple media outlets have published results of investigations into a leak of data on thousands of accounts held there in previous decades.&nbsp;

The documents termed "Suisse Secrets" have been published by Organized Crime and Corruption Reporting Project (OCCRP). It is an international investigation into one of the world's wealthiest and most important banks.&nbsp;

The documents have been compiled after more than 163 journalists from 48 media outlets in 39 countries across the world spent months analysing bank account information leaked from Credit Suisse.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-plans-to-cut-ties-with-targeted-russian-banks-if-ukraine-is-invaded-sources-454960">US plans to cut ties with targeted Russian banks if Ukraine is invaded: Sources</a>

OCCRP stated that the leak included more than 18,000 accounts that held in excess of $100 billion at their peak. It is the only known leak of a major Swiss bank's client data to journalists.&nbsp;

The reports mentioned that the leaked data was provided to the German newspaper Süddeutsche Zeitung by an anonymous source more than a year ago and the data includes information about more than 18,000 Credit Suisse accounts and 30,000 account holders.&nbsp;

The investigative report, as published by several media out claims to have found evidence that some of the accounts show trails of involvement in serious crimes such as money laundering or drug trafficking.&nbsp;

The report states that the Suisse Secrets project investigates these account holders, whose exploitation of Swiss banking secrecy is a "prime example of how the international financial industry enables theft and corruption".&nbsp;

"Given Credit Suisse's numerous pledges to reform its due diligence practices over the years, the project highlights the need for increased accountability in this sector," a part of the OCCRP report noted. v

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/these-are-the-3-indian-cities-with-the-most-millionaire-households-454437">These are the 3 Indian cities with the most millionaire households</a>

Meanwhile, the Swiss bank has rejected the allegations. In a statement, it said, "The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context."&nbsp;

Credit Suisse further said that it had reviewed accounts that were likely related to the investigative report. "Approximately 90% of the reviewed accounts are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015," it said.&nbsp;

Credit Suisse also said that it was "deeply aware of its responsibility to clients and the financial system as a whole to ensure that the highest standards of conduct are upheld".&nbsp;

It said, "These media allegations appear to be a concerted effort to discredit not only the bank but the Swiss financial market-place as a whole, which has undergone significant changes over the last several years."&nbsp;

Credit Suisse, which is a global investment bank and financial services firm based in Switzerland, on Sunday (February 20) said that it "strongly rejects" allegations of wrongdoing.

Credit Suisse, which is a global investment bank and financial services firm based in Switzerland, on Sunday (February 20) said that it "strongly rejects" allegations of wrongdoing. Credit Suisse is apparently Switzerland's second-largest lender. Multiple media outlets have published results of investigations into a leak of data on thousands of accounts held there in previous decades. The documents termed "Suisse Secrets" have been published by Organized Crime and Corruption Reporting Project (OCCRP). It is an international investigation into one of the world's wealthiest and most important banks. The documents have been compiled after more than 163 journalists from 48 media outlets in 39 countries across the world spent months analysing bank account information leaked from Credit Suisse. ALSO READ | US plans to cut ties with targeted Russian banks if Ukraine is invaded: Sources OCCRP stated that the leak included more than 18,000 accounts that held in excess of $100 billion at their peak. It is the only known leak of a major Swiss bank's client data to journalists. The reports mentioned that the leaked data was provided to the German newspaper Süddeutsche Zeitung by an anonymous source more than a year ago and the data includes information about more than 18,000 Credit Suisse accounts and 30,000 account holders. The investigative report, as published by several media out claims to have found evidence that some of the accounts show trails of involvement in serious crimes such as money laundering or drug trafficking. The report states that the Suisse Secrets project investigates these account holders, whose exploitation of Swiss banking secrecy is a "prime example of how the international financial industry enables theft and corruption". "Given Credit Suisse's numerous pledges to reform its due diligence practices over the years, the project highlights the need for increased accountability in this sector," a part of the OCCRP report noted. v ALSO READ | These are the 3 Indian cities with the most millionaire households Meanwhile, the Swiss bank has rejected the allegations. In a statement, it said, "The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context." Credit Suisse further said that it had reviewed accounts that were likely related to the investigative report. "Approximately 90% of the reviewed accounts are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015," it said. Credit Suisse also said that it was "deeply aware of its responsibility to clients and the financial system as a whole to ensure that the highest standards of conduct are upheld". It said, "These media allegations appear to be a concerted effort to discredit not only the bank but the Swiss financial market-place as a whole, which has undergone significant changes over the last several years."

'Suisse Secrets': Switzerland based bank denies wrongdoing after massive data leak shows trails of dirty money

According to reports, scandal-hit Credit Suisse is considering centralising the management of its bankers to the world's wealthy, reversing a regional structure put in place six years ago, as Swiss bank looks for ways to tighten controls and improve operations.

World Business Watch: Scandal-hit Credit Suisse considers creating single private bank

In 2015, Swiss bank released a list of dormant accounts, mostly accounts linked to the Indians. But still, there is no claimant of those dormant accounts.

In 2015, Swiss bank released list of dormant A/Cs, mostly A/Cs linked to the Indians

The number of&nbsp;rich&nbsp;Chinese&nbsp;has surpassed the count of&nbsp;wealthy&nbsp;Americans&nbsp;for the&nbsp;first&nbsp;time&nbsp;as both countries keep churning out millionaires, a study by&nbsp;Credit&nbsp;Suisse&nbsp;showed.

The Swiss bank's annual wealth survey released on Monday found 100 million&nbsp;Chinese&nbsp;ranked in the global top 10 per cent&nbsp;as of the middle of this year versus 99 million in the United States.

"Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8 trillion and $1.9 trillion respectively," said Nannette Hechler-Fayd'herbe, global head of economics and research at&nbsp;Credit&nbsp;Suisse.

The ranks of the world's millionaires have risen by 1.1 million to an estimated 46.8 million, collectively owning $158.3 trillion in net assets, 44 per cent&nbsp;of the global total, the study found.

The United States added more than half of this number – 675,000 new millionaires, to its sizeable stock.

A decline in average wealth in Australia, largely due to exchange rates, resulted in 124,000 fewer millionaires there, while Britain lost 27,000 and Turkey 24,000.

The report estimates that 55,920 adults are worth at least $100 million and 4,830 have net assets above $500 million.

It forecast global wealth, which increased by 2.6 per cent&nbsp;over the past year, would rise by 27 per cent&nbsp;over the next five years to $459 trillion by 2024. The number of millionaires would also grow over this period to almost 63 million.

The share of the world's bottom 90 per cent&nbsp;accounts for 18 per cent&nbsp;of global wealth, compared to 11 per cent&nbsp;in the 2000.

"While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future," it said.

The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed.

The number of rich Chinese has surpassed the count of wealthy Americans for the first time as both countries keep churning out millionaires, a study by Credit Suisse showed. The Swiss bank's annual wealth survey released on Monday found 100 million Chinese ranked in the global top 10 per cent as of the middle of this year versus 99 million in the United States. "Despite the trade tension between the United States and China over the past 12 months, both countries have fared strongly in wealth creation, contributing $3.8 trillion and $1.9 trillion respectively," said Nannette Hechler-Fayd'herbe, global head of economics and research at Credit Suisse. The ranks of the world's millionaires have risen by 1.1 million to an estimated 46.8 million, collectively owning $158.3 trillion in net assets, 44 per cent of the global total, the study found. The United States added more than half of this number – 675,000 new millionaires, to its sizeable stock. A decline in average wealth in Australia, largely due to exchange rates, resulted in 124,000 fewer millionaires there, while Britain lost 27,000 and Turkey 24,000. The report estimates that 55,920 adults are worth at least $100 million and 4,830 have net assets above $500 million. It forecast global wealth, which increased by 2.6 per cent over the past year, would rise by 27 per cent over the next five years to $459 trillion by 2024. The number of millionaires would also grow over this period to almost 63 million. The share of the world's bottom 90 per cent accounts for 18 per cent of global wealth, compared to 11 per cent in the 2000. "While it is too early to say wealth inequality is now in a downward phase, the prevailing evidence suggests that 2016 may have been the peak for the near future," it said.

Rich Chinese outnumber wealthy Americans for first time: Credit Suisse

India has received the first tranche of details about financial accounts of its residents in Swiss banks under the automatic info exchange framework, the Switzerland government said Monday.

India gets information on Swiss bank accounts,

India has moved down one place to 74th rank in terms of <a href="https://www.wionews.com/india-news/indians-money-in-swiss-banks-falls-hits-second-lowest-level-in-two-decades-230943">money parked by its citizens and enterprises with Swiss banks</a>, while the UK has retained its top position, as per data released by the central banking authority of the Alpine nation.

India was ranked 73rd last year, after jumping 15 places from its 88th position a year ago.

An analysis of the latest annual banking statistics released by the Swiss National Bank (SNB) shows that India remains ranked very low when it comes to money parked by Indian individuals and enterprises in Swiss banks, including through their India-based branches, while accounting for just about 0.07 per cent of the aggregate funds parked by all foreign clients of Switzerland-based banks.

In comparison, the top-ranked UK accounted for more than 26 per cent of the total foreign funds parked with Swiss banks at the end of 2018.

Among the top-ranked jurisdictions, the UK is followed by the US, West Indies, France and Hong Kong in the top five.

The top-five countries alone account for more than 50 per cent of the aggregate foreign funds parked with the Swiss banks, while the top-10 account for nearly two-thirds. The top-15 countries account for nearly 75 per cent of all foreign money in Swiss banks, while the contribution of the top-30 is almost 90 per cent.

The top-10 countries also include Bahamas, Germany, Luxembourg, Cayman Islands and Singapore.

Among the five-nation BRICS bloc of emerging economies, India is ranked the lowest while Russia is ranked the highest at 20th place, followed by China at 22nd, South Africa at 60th and Brazil at 65th place in terms of the amount of money parked by their residents and enterprises at the end of 2018.

The countries ranked higher than India also include Mauritius (71st), New Zealand (59th), the Philippines (54th), Venezuela (53rd), Seychelles (52nd), Thailand (39th), Canada (36th), Turkey (30th), Israel (28th), Saudi Arabia (21st), Panama (18th), Japan (16th), Italy (15th), Australia (13th), UAE (12th) and Guernsey (11th).

However, several of India's neighbouring nations are ranked lower, with Pakistan ranking 82nd, Bangladesh 89th, Nepal 109th, Sri Lanka 141st, Myanmar 187th and Bhutan 193rd.

This is the first time in the last four years that the funds linked to Pakistan in Swiss banks have slipped below that of Indians.

A number of other major countries also saw their funds falling in Swiss banks amid a global clampdown against the erstwhile banking secrecy walls in the Alpine nation. The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are official figures disclosed by Swiss authorities and do not indicate the exact quantum of the much-debated alleged black money held in famed safe havens of Switzerland. The official figures, disclosed annually by Switzerland's central bank, also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries. It has been often alleged that Indians and other nationals seeking to stash their illicit wealth abroad use multiple layers of various jurisdictions, including tax havens, to shift the money to Swiss banks.

Also, with Switzerland putting in place an automatic information exchange framework with India and various other countries, the famed secrecy walls of Swiss banks are said to have crumbled. India will start getting this automatic data from this year, while it has already been getting information on accounts where proof of illicit funds can be furnished.

The funds officially held by Indians with banks in Switzerland now accounts for only 0.07 per cent of the total funds kept by all foreign clients in the Swiss banking system, almost same as the level seen at 2017-end after a modest increase from 0.04 per cent a year before that, as per an analysis of the latest figures compiled by the SNB (Swiss National Bank) as on 2018-end.

India was placed at 75th position in 2015 and 61st in the year before, though it used to be among the top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004.

The total money held in Swiss banks by foreign clients from across the world fell by about 4 per cent to CHF 1.4 trillion (about Rs. 99 lakh crore) in 2018. In terms of individual countries, the UK continues to account for the largest chunk at about CHF 372 billion (down from CHF 403 billion a year ago), which remains more than 26 per cent of the total foreign money with Swiss banks.

The US remains on the second position despite a dip to about CHF 144 billion (from CHF 166 billion a year ago), accounting for nearly 10.3 per cent of all foreign funds. The share is more than 1 per cent only for 21 jurisdictions.

India was ranked in the top-50 continuously between 1996 and 2007, but its rank started declining after that -&nbsp;55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then to 58th in 2013.

&nbsp;

India has moved down one place to 74th rank in terms of money parked by its citizens and enterprises with Swiss banks, while the UK has retained its top position, as per data released by the central banking authority of the Alpine nation.

India has moved down one place to 74th rank in terms of money parked by its citizens and enterprises with Swiss banks, while the UK has retained its top position, as per data released by the central banking authority of the Alpine nation. India was ranked 73rd last year, after jumping 15 places from its 88th position a year ago. An analysis of the latest annual banking statistics released by the Swiss National Bank (SNB) shows that India remains ranked very low when it comes to money parked by Indian individuals and enterprises in Swiss banks, including through their India-based branches, while accounting for just about 0.07 per cent of the aggregate funds parked by all foreign clients of Switzerland-based banks. In comparison, the top-ranked UK accounted for more than 26 per cent of the total foreign funds parked with Swiss banks at the end of 2018. Among the top-ranked jurisdictions, the UK is followed by the US, West Indies, France and Hong Kong in the top five. The top-five countries alone account for more than 50 per cent of the aggregate foreign funds parked with the Swiss banks, while the top-10 account for nearly two-thirds. The top-15 countries account for nearly 75 per cent of all foreign money in Swiss banks, while the contribution of the top-30 is almost 90 per cent. The top-10 countries also include Bahamas, Germany, Luxembourg, Cayman Islands and Singapore. Among the five-nation BRICS bloc of emerging economies, India is ranked the lowest while Russia is ranked the highest at 20th place, followed by China at 22nd, South Africa at 60th and Brazil at 65th place in terms of the amount of money parked by their residents and enterprises at the end of 2018. The countries ranked higher than India also include Mauritius (71st), New Zealand (59th), the Philippines (54th), Venezuela (53rd), Seychelles (52nd), Thailand (39th), Canada (36th), Turkey (30th), Israel (28th), Saudi Arabia (21st), Panama (18th), Japan (16th), Italy (15th), Australia (13th), UAE (12th) and Guernsey (11th). However, several of India's neighbouring nations are ranked lower, with Pakistan ranking 82nd, Bangladesh 89th, Nepal 109th, Sri Lanka 141st, Myanmar 187th and Bhutan 193rd. This is the first time in the last four years that the funds linked to Pakistan in Swiss banks have slipped below that of Indians. A number of other major countries also saw their funds falling in Swiss banks amid a global clampdown against the erstwhile banking secrecy walls in the Alpine nation. The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are official figures disclosed by Swiss authorities and do not indicate the exact quantum of the much-debated alleged black money held in famed safe havens of Switzerland. The official figures, disclosed annually by Switzerland's central bank, also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries. It has been often alleged that Indians and other nationals seeking to stash their illicit wealth abroad use multiple layers of various jurisdictions, including tax havens, to shift the money to Swiss banks. Also, with Switzerland putting in place an automatic information exchange framework with India and various other countries, the famed secrecy walls of Swiss banks are said to have crumbled. India will start getting this automatic data from this year, while it has already been getting information on accounts where proof of illicit funds can be furnished. The funds officially held by Indians with banks in Switzerland now accounts for only 0.07 per cent of the total funds kept by all foreign clients in the Swiss banking system, almost same as the level seen at 2017-end after a modest increase from 0.04 per cent a year before that, as per an analysis of the latest figures compiled by the SNB (Swiss National Bank) as on 2018-end. India was placed at 75th position in 2015 and 61st in the year before, though it used to be among the top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004. The total money held in Swiss banks by foreign clients from across the world fell by about 4 per cent to CHF 1.4 trillion (about Rs. 99 lakh crore) in 2018. In terms of individual countries, the UK continues to account for the largest chunk at about CHF 372 billion (down from CHF 403 billion a year ago), which remains more than 26 per cent of the total foreign money with Swiss banks. The US remains on the second position despite a dip to about CHF 144 billion (from CHF 166 billion a year ago), accounting for nearly 10.3 per cent of all foreign funds. The share is more than 1 per cent only for 21 jurisdictions. India was ranked in the top-50 continuously between 1996 and 2007, but its rank started declining after that - 55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then to 58th in 2013.

Money in Swiss banks: India slips to 74th place, UK remains on top 

In a major crackdown against Nirav Modi by authorities in Switzerland have frozen four Swiss bank accounts belonging to the fugitive diamantaire and his sister Purvi Modi.

India Watch: Noose tightens on Nirav Modi

Fraudsters posing as police officers stole 3.3 million euros ($3.7 million) from a Swiss woman through an elaborate scam that involved a fake plot implicating the victim's bank, Swiss media reported Wednesday.

A female suspect first contacted the victim in Zurich in November, posing as an officer who claimed to be investigating a network of thieves, according to the ATS news agency.&nbsp;

The woman was told that employees at her bank were planning to rob her.

The suspects asked the woman to keep details of their investigation secret.&nbsp;

They then instructed her to transfer her assets to a new account through a series of payments, in order to protect her savings from being stolen by her own bank.&nbsp;

A police investigation into the scam, which cost the woman 3.6 million Swiss francs, is ongoing, ATS said.&nbsp;

Fraudsters posing as police officers stole 3.3 million euros ($3.7 million) from a Swiss woman through an elaborate scam that involved a fake plot implicating the victim's bank, Swiss media reported Wednesday.

Fraudsters posing as police officers stole 3.3 million euros ($3.7 million) from a Swiss woman through an elaborate scam that involved a fake plot implicating the victim's bank, Swiss media reported Wednesday. A female suspect first contacted the victim in Zurich in November, posing as an officer who claimed to be investigating a network of thieves, according to the ATS news agency. The woman was told that employees at her bank were planning to rob her. The suspects asked the woman to keep details of their investigation secret. They then instructed her to transfer her assets to a new account through a series of payments, in order to protect her savings from being stolen by her own bank. A police investigation into the scam, which cost the woman 3.6 million Swiss francs, is ongoing, ATS said.

Fake cops steal $3.7 million from Swiss woman

Swiss authorities are in process of sharing details of at least 50 Indian nationals having accounts in Switzerland-based banks, with regulatory and enforcement agencies in the two countries tightening their noose on individuals suspected to have amassed illicit wealth

India Watch: India likely to get information on 50 Swiss bank account holders

Nepalis have stashed Rs 35.8 billion in <a href="https://www.google.com/url?q=http://www.wionews.com/south-asia/55-businessmen-of-nepal-have-stashed-billions-in-swiss-banks-cij-190961&amp;sa=U&amp;ved=0ahUKEwigmNzV7PTfAhWBzLwKHXhoCM8QFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2qGPcqBfNelFBhhHYj642q">Swiss bank</a>s, violating the country's law which bars them from transferring funds abroad, according to an investigation carried out by the Centre for Investigative Journalism.

The report 'Nepal-leaks 2019: Illegal Wealth watch', released Wednesday night, also claimed that 55 Nepalis have invested in offshore companies, taking advantage of the country's secretive tax regimes and breaching the law which bars investment in foreign countries.

The report is based on an analysis of over 3,000 financial and court documents and interviews with 70 individuals.

Questions have been raised about the source of their<a href="https://www.google.com/url?q=http://www.wionews.com/business-economy/india-can-lead-in-5g-deployment-but-investments-in-fibre-infrastructure-key-trai-chief-191007&amp;sa=U&amp;ved=0ahUKEwjopcn87PTfAhXRSH0KHTL3AvgQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3n-oFjfZNSxp-UDvM31wE_"> investment</a> since they have invested in offshore companies including lesser known the British Virgin Islands, says the report.

Those who invested money in foreign countries include politicians to high-flying businessman-some of whom are non-resident Nepalis-to doctors and hoteliers.

The investors include renowned businessmen and industrialists Upendra Mahato, Chandra Dhakal, Rajendra Bajgai, and Minu Shah Chhibar.

Majority of the investments were made in businesses registered in the British Virgin Islands, one of the most notorious tax havens in the Caribbean.

The report also revealed how a lot of these investors used their offshore companies to funnel money back into the country under the guise of Foreign Direct Investment.

According to the report, Nepalis have parked Rs 35.8 billion in Swiss banks, violating the country's law, which bars Nepalis from transferring funds abroad.

Nepali account-holders have earned interest of around Rs 774.1 million from the funds they deposited in Swiss banks. Interestingly, the Nepalese started depositing money in the Swiss Bank in 1996, when the decade-long Maoist insurgency began.

The total amount of money deposited by Nepalis in Swiss Bank amounts to 460.8 million Swiss Franc equivalent to Rs 52 billion. Even now, Nepalese have Rs 35.8 billion in the Swiss Bank, adds the report.

Between 1996? when the Maoist insurgency started? and 2006? when the peace agreement was signed? the amount of money deposited by Nepalis in Swiss banks more than doubled from Rs 1.2 billion to Rs 2.7 billion.

The report has named Minu Shah as the individual with the highest savings among Nepali account holders. Shah, who was married to an Indian national, made a deposit of $23 million equivalent to Rs 2.62 billion in the Swiss Bank account.&nbsp;

Nepalis have stashed Rs 35.8 billion in Swiss banks, violating the country's law which bars them from transferring funds abroad, according to an investigation carried out by the Centre for Investigative Journalism.

Nepalis have stashed Rs 35.8 billion in Swiss banks, violating the country's law which bars them from transferring funds abroad, according to an investigation carried out by the Centre for Investigative Journalism. The report 'Nepal-leaks 2019: Illegal Wealth watch', released Wednesday night, also claimed that 55 Nepalis have invested in offshore companies, taking advantage of the country's secretive tax regimes and breaching the law which bars investment in foreign countries. The report is based on an analysis of over 3,000 financial and court documents and interviews with 70 individuals. Questions have been raised about the source of their investment since they have invested in offshore companies including lesser known the British Virgin Islands, says the report. Those who invested money in foreign countries include politicians to high-flying businessman-some of whom are non-resident Nepalis-to doctors and hoteliers. The investors include renowned businessmen and industrialists Upendra Mahato, Chandra Dhakal, Rajendra Bajgai, and Minu Shah Chhibar. Majority of the investments were made in businesses registered in the British Virgin Islands, one of the most notorious tax havens in the Caribbean. The report also revealed how a lot of these investors used their offshore companies to funnel money back into the country under the guise of Foreign Direct Investment. According to the report, Nepalis have parked Rs 35.8 billion in Swiss banks, violating the country's law, which bars Nepalis from transferring funds abroad. Nepali account-holders have earned interest of around Rs 774.1 million from the funds they deposited in Swiss banks. Interestingly, the Nepalese started depositing money in the Swiss Bank in 1996, when the decade-long Maoist insurgency began. The total amount of money deposited by Nepalis in Swiss Bank amounts to 460.8 million Swiss Franc equivalent to Rs 52 billion. Even now, Nepalese have Rs 35.8 billion in the Swiss Bank, adds the report. Between 1996? when the Maoist insurgency started? and 2006? when the peace agreement was signed? the amount of money deposited by Nepalis in Swiss banks more than doubled from Rs 1.2 billion to Rs 2.7 billion. The report has named Minu Shah as the individual with the highest savings among Nepali account holders. Shah, who was married to an Indian national, made a deposit of $23 million equivalent to Rs 2.62 billion in the Swiss Bank account.

Nepalis stash Rs 35.8 billion in Swiss banks: Report

It is a sign of caution that spreads through the global economic outlook when four of the world&#39;s top central banks, all due to meet within days of each other, are almost unanimously expected to make no change to their extraordinary stimulus programs.

While the US&nbsp;Federal Reserve, Bank of England, Swiss National Bank and the Bank of Japan are all dealing with varying amounts or shortages of inflation, none are expected to act ahead of one of the biggest risk events of 2016.

Britain&#39;s referendum on whether to remain in or leave the European Union has been creeping from the back to the front of investors&#39; minds. During the last full week of campaigning before the June 23 vote, it may dominate most discussion.

Janet Yellen&#39;s Fed has spent most of the past month or so dropping hints that a summer rate hike was on the way. However, disappointing May hiring data and a UK vote that is too close in the polls to have confidence in the outcome have toned down her message, making a rate rise on June 15 now highly unlikely.

That leaves financial markets stuck in a holding pattern with renewed fears about global growth pushing against safety nets that central banks have built up over the years, according to Valentin Marinov, head of G10 FX strategy at CA-CIB.

So a packed week of data releases for the world&#39;s largest economy, including retail sales, housing starts, building permits as well as inflation, will at best be able to help build the case for a Fed rise as soon as July, rather than September.

&quot;Weak labour market data have messed up the carefully-prepared script for the Fed&#39;s next rate move. An interest rate rise at the meeting next week is off the table,&quot; wrote Christoph Balz, economist at Commerzbank, in a note.

&quot;However ... the U.S. labour market recovery is not over yet and a rate hike at the meeting in July is therefore still on the agenda.&quot;

A recent Reuters poll showed four-fifth&nbsp;of a sample of 90 economists expect a rate rise in either July or September, with most leaning toward the latter month, and with many saying a hiring rebound could seal an earlier move.

June jobs data won&#39;t be released until early July. But for the most part, the economy has been performing well: an analysis of key economic releases since the last Fed meeting shows 70 per cent have come in at or above Reuters poll forecasts.

US&nbsp;retail sales may stage a milder 0.4 per cent rise on the month after a 1.3 per cent surge in April, while housing starts and permits will be watched closely after a blowout month in April for pending and new home sales.

Core consumer price inflation is likely to remain on a relatively steady course a few ticks above 2 per cent.

In Britain, where not a soul expects the Bank of England to change policy just ahead of the EU referendum but instead focus on contingency planning and market liquidity in the event of a vote to leave, price pressures are weaker.

Headline inflation, which the BoE targets, is forecast to rise to 0.4 per cent, with core inflation at 1.3 per cent. The UK jobless rate is forecast to hold steady at 5.1 per cent, close to what many would call full employment.&nbsp;

But with a slowdown this year in the UK economy which a majority of analysts attribute to jitters ahead of the referendum, talk about interest rates has shifted from the next rate rise to whether they will need to be cut.

In Japan, the dearth of inflation is much more severe, much as it has been for the better part of two decades and there is little hope for a revival any time soon.

So while the Fed is forecast to take a pass in June and possibly lift its federal funds rate gingerly in July, the Bank of Japan is forecast to take a pass on June 16 and do the opposite in July by piling on more stimulus.

Much of it will depend on the Yen exchange rate, which appears now to be out of the BOJ&#39;s control, having surged earlier this year when it surprised the markets by introducing by a narrow majority a negative deposit rate policy.

In Zurich, the SNB is also expected to leave its negative key rate unchanged at a midpoint of -0.75 per cent, according to a Reuters poll. There may be some signs of inflation turning but again, what the Swiss Franc does will matter a lot and what drives it is not completely within the SNB&#39;s control.

United States, England, Switzerland and Japan

It is a sign of caution that spreads through the global economic outlook when four of the world's top central banks, all due to meet within days of each other, are almost unanimously expected to make no change to their extraordinary stimulus programs. While the US Federal Reserve, Bank of England, Swiss National Bank and the Bank of Japan are all dealing with varying amounts or shortages of inflation, none are expected to act ahead of one of the biggest risk events of 2016. Britain's referendum on whether to remain in or leave the European Union has been creeping from the back to the front of investors' minds. During the last full week of campaigning before the June 23 vote, it may dominate most discussion. Janet Yellen's Fed has spent most of the past month or so dropping hints that a summer rate hike was on the way. However, disappointing May hiring data and a UK vote that is too close in the polls to have confidence in the outcome have toned down her message, making a rate rise on June 15 now highly unlikely. That leaves financial markets stuck in a holding pattern with renewed fears about global growth pushing against safety nets that central banks have built up over the years, according to Valentin Marinov, head of G10 FX strategy at CA-CIB. So a packed week of data releases for the world's largest economy, including retail sales, housing starts, building permits as well as inflation, will at best be able to help build the case for a Fed rise as soon as July, rather than September. "Weak labour market data have messed up the carefully-prepared script for the Fed's next rate move. An interest rate rise at the meeting next week is off the table," wrote Christoph Balz, economist at Commerzbank, in a note. "However ... the U.S. labour market recovery is not over yet and a rate hike at the meeting in July is therefore still on the agenda." A recent Reuters poll showed four-fifth of a sample of 90 economists expect a rate rise in either July or September, with most leaning toward the latter month, and with many saying a hiring rebound could seal an earlier move. June jobs data won't be released until early July. But for the most part, the economy has been performing well: an analysis of key economic releases since the last Fed meeting shows 70 per cent have come in at or above Reuters poll forecasts. US retail sales may stage a milder 0.4 per cent rise on the month after a 1.3 per cent surge in April, while housing starts and permits will be watched closely after a blowout month in April for pending and new home sales. Core consumer price inflation is likely to remain on a relatively steady course a few ticks above 2 per cent. In Britain, where not a soul expects the Bank of England to change policy just ahead of the EU referendum but instead focus on contingency planning and market liquidity in the event of a vote to leave, price pressures are weaker. Headline inflation, which the BoE targets, is forecast to rise to 0.4 per cent, with core inflation at 1.3 per cent. The UK jobless rate is forecast to hold steady at 5.1 per cent, close to what many would call full employment. But with a slowdown this year in the UK economy which a majority of analysts attribute to jitters ahead of the referendum, talk about interest rates has shifted from the next rate rise to whether they will need to be cut. In Japan, the dearth of inflation is much more severe, much as it has been for the better part of two decades and there is little hope for a revival any time soon. So while the Fed is forecast to take a pass in June and possibly lift its federal funds rate gingerly in July, the Bank of Japan is forecast to take a pass on June 16 and do the opposite in July by piling on more stimulus. Much of it will depend on the Yen exchange rate, which appears now to be out of the BOJ's control, having surged earlier this year when it surprised the markets by introducing by a narrow majority a negative deposit rate policy. In Zurich, the SNB is also expected to leave its negative key rate unchanged at a midpoint of -0.75 per cent, according to a Reuters poll. There may be some signs of inflation turning but again, what the Swiss Franc does will matter a lot and what drives it is not completely within the SNB's control.

Caution pervades at four of world's top central banks

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