Swiss bank mystery
In fact, there is no bank now called Swiss Bank. This banking system was established in 1854 by six banks under the name of Swiss Bank Corporation. The system was shut down in 1998. Although there is no separate bank, the Swiss Financial Market Supervisory Authority (FINMA) is known as the Swiss bank. Many mysteries have been created in the minds of the people about this banking system. Today’s event is about the mystery of Swiss Bank.
Today’s topic of discussion……
1.The way it has developed
2.What is Swiss Bank?
3.When the money is not refunded
4.Who keeps money in Swiss bank?
5.How to open an account?
6.Strong privacy policy
7.There is no opportunity to open anonymous accounts
8.There is the Swiss Bank Act
★1.The way it has developed
Under the Swiss Financial Market Supervisory Authority (FINMA), all Swiss banks, such as UBS, Credit Suisse, etc., are known as switch banks around the world. Switzerland has become a major hub for banking services around the world due to its own banking practices. Many people want to keep their identity secret just like they want to keep their money secret.
This is the case with Swiss banks. The history of Swiss Bank is quite long. According to economists, when Jews in Germany faced a Nazi purge in the 1930s, Swiss banks began their business by keeping their money in secret bank accounts. From then on, money started coming to Swiss banks from all over the world. In this way, the Swiss banks once influenced the banking system of the whole world. Privacy is the main reason. However, in 1934, the first Swiss banks enacted a law to protect the privacy of their customers. And that was their first milestone. Some politicians and businessmen in France kept large sums of money in Swiss banks. That information was leaked from the bank. Swiss banks then took this step to protect the privacy of their customers. Then many people in France started keeping money in Swiss banks. This is how the Swiss banking system spread from one country to another. Swiss banks thrive on this privacy law. From corrupt Third World dictators to wealthy European-American tax evaders, everyone chooses Swiss banks to keep their money secret. The global money laundering competition begins. These Swiss-based banks have become a safe haven for corrupt people in various countries. However, at present this system has been introduced in other countries as well.
★2.What is Swiss Bank?
There is no specific bank to say Swiss bank. Where people will keep money or do banking. In fact, Swiss Bank means a system based in Switzerland. Naturally the word ‘Switzerland’ comes from ‘Switzerland’. A banking network is directed through Swiss banks. What you mean by Bangladeshi Bank, Swiss Bank is similar. The Swiss bank account is the same as any other ordinary bank account. The only difference is that Swiss banks strictly protect the privacy of their customers. So the citizens of Switzerland do banking in Swiss banks. And all Swiss banks are controlled by the Swiss Federal Banking Commission. This banking system was first established in 1854. At that time, six banks started Swiss Bank under the name of Switch Bank Corporation. The bank closed in 1998. Now there is no separate bank called Swiss Bank.
★3.When the money is not refunded
Many claim that most of the time the money is not refunded from the Swiss bank. In fact, that is not the point. Many people do not give any information about Swiss bank to his family while keeping money secretly. As a result, after the death of such a person, no one will know that he has an account in a Swiss bank. Again without any patch of law Swiss bank discloses the information of a customer, when a customer dies. If no transaction has been made from the account for the last 60 years and the amount is more than 500 Swiss francs, it is disclosed. If an heir does not claim the property, the Swiss government deposits the property in its own treasury after one year. Many people from states to states keep money in Swiss banks. However, there is a history of seizing money in Swiss banks. In 2011, a Swiss bank seized the assets of Libyan ruler Gaddafi and 29 of his associates. Earlier, Swiss bank authorities seized property belonging to ousted Egyptian President Hosni Mubarak. Russian President Vladimir Putin is also thought to have deposited his vast fortune in a Swiss bank. Tunisia’s ousted dictator Ben Ali also deposited large sums of money, which are now in the process of being returned.
★4.Who keeps money in Swiss bank?
The rich became interested in keeping money in Swiss banks. It offers certain benefits and privacy guarantees that are not available in other banks. The thing is you have secret money but you can’t keep the money because you can’t find someone trustworthy. Usually in these cases the Swiss bank is chosen. This is why rich and famous people all over the world prefer Swiss banks to keep their money. Countless people from all over the world are more interested in keeping money in Swiss banks because of their privacy policy. Many people think that Swiss bank accounts are given only for criminals, corrupt people, millionaires or government bureaucrats. Again many think, who keep their own black. But the idea that they make money in Swiss banks is not correct. Almost anyone can open an account in a Swiss bank just like a normal bank. Anyone can make money transactions. Absolutely ordinary people can be a Swiss bank account holder if they want. However, people in volatile countries use Swiss banks.
★5.How to open an account
If you want to open a Swiss bank account, you have to go through certain processes. This process is also long. First you need to prepare the necessary paperwork. To provide more security, Swiss banks work hard with their new customers. You must show the source of all assets in addition to confirming your valid identity. You can open an account only after you know exactly how you earn and where your earned money comes from. In order to make a large deposit, you may need to show the statement of your other bank account and, if necessary, the appropriate documentation of the source of the money. If these things are correct, you will be considered eligible to apply. But if you are a New Zealand citizen, you do not have to go through so many restrictions. Foreigners are required to apply for an account in person. So those who think the place to keep illegal money is Swiss bank; That is not true. However, there are various processes in the country to show illegal income legally.
★6.Strong privacy policy
Countless people from all over the world keep their hard-earned money in Swiss banks. Swiss banks are so popular because of their strong privacy policy. This privacy is recognized by a law of the Swiss government, which means that banks are not obliged to disclose their customers’ information under any circumstances. As a result, banks do not provide any information about who, why or how they are keeping their earned money in the bank. However, there is a special section in this law. Which may disclose his account information in a particular situation or in the case of the offender. But in that case the request of the appropriate authority will be required. Michelle de Robert, head of the Association of Swiss Private Bankers, was explaining how this privacy policy works. The way a doctor or lawyer maintains the confidentiality of his patient or client is much the same here.
★7.There is no opportunity to open anonymous accounts
There are many common myths about Swiss banks. One of the most popular myths is that there are a lot of anonymous accounts here. In reality this is absolutely not true. Although we have read or seen many such things in movies or novels, there is no scope for anonymous accounts here. Like other banks, a bank customer’s account may be marked with a number, but a few bank officials must know the customer’s true identity. The right to privacy is an integral part of the Swiss legal system and is protected by the federal constitution, according to the Swiss Bankers Association’s website. However, if it is related to a crime, then there is no obstacle in disclosing the identity of the customer. However, when opening an account, you need to keep in mind that unless you know the source of all your assets well, the bank authorities will not allow you to open a new account. So it is wrong to think that one can go to Switzerland and open a bank account in an instant. So anyone who uses Swiss banks to keep illicit money is also a misconception. There is no opportunity to keep illegal money here.
★8.There is the Swiss Bank Act
According to the Swiss Bankers’ Association’s website, “Swiss banks are required to disclose the identities of their customers when investigating a crime, whether in Switzerland or in another country.” However, in that case, there is a legal process before considering someone as a criminal. There must be proof that the customer is involved in the crime. The Swiss central bank has been disclosing the amount of money deposited by citizens of different countries in the country for several years in honor of the International Charter against Corruption. The Swiss central bank has only released information on how much money a citizen of that country has in the bank of that country. In the United States, meanwhile, the judiciary and law enforcement agencies can access bank account information at any time. This is the case in most countries of the world.