American research firm Hindenburg has once again disclosed against Adani Group and claimed that Swiss Bank has frozen the bank accounts of Adani Group. Hindenburg claimed that Adani had deposited $310 million in a Swiss bank. Although the Adani Group termed the allegations as baseless, Switzerland's Swiss Bank has again come into the limelight amid all this.
Whenever there is talk of black money, the first name that comes to mind is Swiss Bank. Notorious for black money, this bank is the safest for all dictators, corrupt politicians, bureaucrats and businessmen around the world. Let's know the whole story of this Swiss bank...
What is the history of Swiss banks?
The history of this Swiss bank dates back to the 17th century. The first bank was established in the year 1713 in Switzerland. Since then all banks are bound by Article 47 of the Swiss Federal Banking Act privacy law. In the year 1998, the merger of Union Bank of Switzerland i.e. USB and Swiss Bank Corporation brought USB Bank known as Swiss Bank into the limelight.
What is the history of Swiss banks?
The bank is headquartered in Zurich and Basel, Switzerland. These banks have restrictions to maintain the privacy of their account holders, which is why they are popular. Due to its strict rules and confidentiality, this bank does not share its account holders information with anyone.
Not only famous for black money, these things also happen
Although the name of this bank is mostly associated with black money, this bank is not only famous for this. Besides maintaining the privacy of its account holders, it also aims to keep people's money safe in countries with political instability. However, this bank commitment to confidentiality is often used as a tool for wrongdoing. People use this bank to stash black money.
The rules were relaxed in 2017
Swiss banks work like other banks, but due to their privacy rules, their methodology is slightly different. The bank's strict rules of strict adherence to secrecy laws make it popular among corrupt politicians and businessmen. According to the bank's rules, if the account holder has not committed any crime in Switzerland, he does not share any of his information with anyone. Not even with the Swiss government, although due to international pressure, this rule was relaxed slightly in 2017 and the bank agreed to share information with countries with which it has agreements.
Swiss banks are considered the safest. Where a bank account does not contain information like account holders name, address, phone number, but is a number code. This is the bank account number. Even the bank employees do not know whose account number belongs to whom. Some bank officials have the correct name and account details of the bank account holder.
Can one open a Swiss bank account?
There are several conditions to be met to open an account in a Swiss bank. However, the account opening process is simple. You can open a Swiss bank account at home if you wish. To open an account in this bank you need to provide passport, property related documents ie proof of how much money you have. Apart from this, the details of the source of earnings of the amount to be deposited have to be given.