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Listen "#SHSI Episode 10 - Switzerland Is Rich Rich But There's Also Our Dirty African Money Stashed In Their Banks..."
Episode Synopsis
Switzerland has a dirty little secret that many African’s have wondered about for some time and some have known for a very long time.
Why is this country so rich?
Switzerland is one of the wealthiest countries in the world, with residents enjoying the highest mean wealth per adult. How is this possible for a small mountainous country with no access to the sea and so few natural resources?
The roots of modern Swiss banking institutions are based on the banks created in the early 19th century to finance major construction projects. One of these banks was Kreditanstalt Bank, created by railway baron Alfred Escher. The bank was later rebranded as Credit Suisse and became one of the largest investment banks in the world.
And that’s where our story starts.
With its banking secrecy laws and favourable financial environment, Switzerland had been the perfect place for African leaders and corrupt corporations and politicians to stash their cash.
For a long time, Switzerland was considered a safe haven for the ill-gotten gains of many dictators, not least because of its banking secrecy. In recent years, it has been a leader in fighting dirty money
According to World Bank estimates, billions of dollars disappear via the pockets of corrupt government officials in developing countries every year. As one of the biggest offshore financial centres in the world, Switzerland used to be a great hiding place for illicit funds. However, knowing that such a reputation would harm its image, the Swiss government introduced its first law against illicit assets in 1986.
Since then, Switzerland has taken a leading role in the freezing and restitution of such funds, the process of which is called asset recovery. Nevertheless, the past keeps on catching up with Switzerland.
Why is this country so rich?
Switzerland is one of the wealthiest countries in the world, with residents enjoying the highest mean wealth per adult. How is this possible for a small mountainous country with no access to the sea and so few natural resources?
The roots of modern Swiss banking institutions are based on the banks created in the early 19th century to finance major construction projects. One of these banks was Kreditanstalt Bank, created by railway baron Alfred Escher. The bank was later rebranded as Credit Suisse and became one of the largest investment banks in the world.
And that’s where our story starts.
With its banking secrecy laws and favourable financial environment, Switzerland had been the perfect place for African leaders and corrupt corporations and politicians to stash their cash.
For a long time, Switzerland was considered a safe haven for the ill-gotten gains of many dictators, not least because of its banking secrecy. In recent years, it has been a leader in fighting dirty money
According to World Bank estimates, billions of dollars disappear via the pockets of corrupt government officials in developing countries every year. As one of the biggest offshore financial centres in the world, Switzerland used to be a great hiding place for illicit funds. However, knowing that such a reputation would harm its image, the Swiss government introduced its first law against illicit assets in 1986.
Since then, Switzerland has taken a leading role in the freezing and restitution of such funds, the process of which is called asset recovery. Nevertheless, the past keeps on catching up with Switzerland.
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