Facing global pressure to act against any possible misuse of Swiss financial institutions, especially banks, Switzerland government’s Federal Department of Finance (FDF) has agreed to adapt its bilateral tax treaties with various countries as per the international standards.
The FDF, which is equivalent to Finance Ministry in Switzerland, in a report on international financial and tax matters for 2012 had stated that the country is at the forefront of global efforts to tackle cross-border financial crime.
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It had also cited a World Bank study on ‘home corrupt assets are hidden’ to claim that the maximum instances of corporate vehicles being used to conceal ‘corrupt assets’ have been found in the US, while Switzerland is ranked way below at 13th place, jointly with India.
Further, it stated that the World Bank report had examined 150 cases of corruption in a selected number of countries worldwide and added "As part of these cases, over 800 corporate vehicles were used to conceal corrupt assets. The highest number of such corporate vehicles was found in the United States (102), while seven were based in Switzerland."
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