Switzerland is not alone. She rightly complains that closing the door on her country will only shift business to real estate and finance in Miami, London or other money-laundering centers. Nevertheless, there’s something morally repugnant about Americans, Britons or Swiss living off the loot stolen from much poorer people. And countries like Switzerland, which have devised a legal code that allows this system to flourish, should be particularly embarrassed.
How many stories, revelations and exposés will it take for Switzerland, the USA, the UK and other countries to change their laws on banking and real estate secrecy, and all the other activities that facilitate money laundering and encourage crime and corruption? Let’s hope that “Swiss Secrets”, this success story of honest and honorable journalism, will shame those who have resisted the creation of a more transparent financial and economic system.
In a statement, Credit Suisse firmly rejected “allegations and insinuations concerning the bank’s alleged business practices”. The facts presented are essentially historical, in some cases dating back to the 1940s, the bank added. They are based on “partial, inaccurate or selective information taken out of context”.
