Switzerland, once a notorious destination for illicit financial flows, is actively working to rehabilitate its reputation. The nation is contemplating joining the International Anti-Corruption Coordination Center (IACCC), spearheaded by the United Kingdom, to bolster transparency and intensify efforts against black money. The IACCC’s primary objectives include prosecuting corrupt officials and reclaiming stolen assets. Switzerland, as a prominent offshore wealth manager, has faced persistent criticism for allegedly safeguarding illicit funds belonging to corrupt individuals, business figures, and criminals. Notably, a significant amount of black money belonging to Indian nationals is also believed to be held within Switzerland. A proposal for Switzerland’s participation in the International Anti-Corruption Coordination Center (IACCC) was presented by the UK’s Foreign Minister, David Lammy, during a recent meeting with the Swiss government. Switzerland currently holds observer status but has been extended an invitation to become a full member. In recent years, Switzerland has demonstrated a commitment to enhancing transparency through measures like strengthening regulations concerning beneficial ownership. Furthermore, it has intensified its endeavors to foster international collaboration in cases of illicit financial activities. Established in 2017, the IACCC is administered by the UK’s National Crime Agency (NCA). Its membership comprises nations such as the United States, Australia, Canada, and New Zealand. The task force has successfully identified approximately 1.8 billion pounds of potentially stolen assets and has frozen assets valued at around 641 million pounds. India has been actively pursuing the repatriation of black money stashed overseas and the recovery of assets concealed by fugitives. According to yearly data, Indian deposits in Swiss banks surged over threefold in 2024, reaching 3.5 billion Swiss francs (equivalent to approximately 37,600 crore rupees). This figure marks an unprecedented high, surpassing the previous peak observed in 2021 when Indian holdings in Swiss banks reached a 14-year record of 3.83 billion Swiss francs. Experts believe that Switzerland’s involvement in such a task force could significantly aid India and other nations in recovering illicit funds hidden abroad. The Indian government maintains a firm stance, emphasizing that foreign bank vaults will no longer provide safe havens for black money, implementing various measures in recent years to counter this issue.
Switzerland to Consider Joining IACCC to Combat Black Money, Potentially Impacting Indian Funds
