Forget The Swiss Bank Account For Hiding Money!
It might not be as easy now as it used to be for a drug supplier or a money launderer to open a Swiss bank account.
The Swiss legislature passed an anti-money laundering law this summer.
This law makes money laundering a crime if drug money is deposited into a Swiss account-even if the drug activity takes place outside of Switzerland.
This means that if money is deposited into a Swiss financial institution by a United States citizen, and it is proven that the cash was a result of a known money laundering operation, the Swiss bank can be prosecuted criminally, as well as the depositor.
As the penalties include fines and jail sentences, Swiss banks are taking action in order to protect themselves. They are now verifying information and requiring proof of identity of their depositors. New Accounts people in the banking industry in the United States can sympathize with them!
Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 8, 8/90
First published on 08/01/1990