CURRENT AFFAIRS

Detailed explanation-1: -NEW DELHI/BERNE: India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government’s fight against black money allegedly stashed abroad.

Detailed explanation-2: -Swiss Banking Ombudsman The Ombudsman also runs a contact office for individuals searching for dormant assets. If someone thinks that he or she might be entitled to assets held by a Swiss bank, but does not know which bank, the contact office can initiate a search.

Detailed explanation-3: -There is no official register with the names of Swiss bank account holders or ultimate beneficial owners. The Swiss bank secrecy law is still in force. It does not protect tax evaders anymore but the privacy of clients is still severely protected.

Detailed explanation-4: -In other areas of privacy, Swiss banking secrecy laws still apply (see “Financial Secrecy Index 2022” at the end). However, Swiss banks still offer the highest level of client confidentiality in the world according to the Financial Secrecy Index 2022. Today, there is practically no untaxed money left in Switzerland.

Detailed explanation-5: -based on 10 reviews. Residents of almost any country worldwide can open Swiss bank accounts and Switzerland is indeed one of the most renowned countries when it comes to opening accounts for foreign nationals. A Swiss bank account still offers security and privacy.