PHOTO CREDITS: Tax Justice Network
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While many aspects of our lives and economies have faced uncertainty and instability during the Covid-19 pandemic, some areas seem to have resisted turmoil or even thrived from it. Unfortunately, Swiss banking secrecy and its abuse by corrupt officials and dictators is one of those areas, and it appears to be alive and kicking harder than ever.
As reported by Swissinfo:
Swiss officials have discovered CHF9 billion ($10billion) in embezzled Venezuelan public funds spread across hundreds of bank accounts. One in eight Swiss banks is caught up in this latest scandal, which some experts say shows up the failure of the anti-money-laundering mechanism put in place by Switzerland.
