Log in
A+ A A-

Swiss block bribery related funds

An article in swissinfo.ch relates that Switzerland has blocked CHF10 million of suspected bribery funds held in Swiss banks, while noting that extensive ,oney laundering still goes on in Switzerland.

The Federal Prosecutor’s Office confirmed that it has opened investigations into three alleged accomplices of a Greek money laundering scandal.The action follows depositions related to the bribery of Greek officals by German arms manufacturers.

In November, Swiss prosecutors seized CHF60 million of dirty money linked to a separate German-Greek corporate bribery scandal. “Swiss-based lawyers and shell companies were also uncovered as having helped to hide the bribe slush fund of German company Siemens used to secure Greek telecommunications contracts,” says swissinfo.ch.

But as is related, the use of Swiss banks for money laundering is ongoing, as anti-corruption campaigner Mark Pieth said “dirty cash was still washing through the Swiss financial center despite efforts to clean up Switzerland’s image.” Which is also corroborated by an article in Tages-Anzeiger newspaper.

It must be reminded that judicial authorities in certain German lande have moved against German firms implicated in Greek bribery scandals.