BASEL - Switzerland is stepping up scrutiny of its banks in response to the Panama Papers which have prompted a global outcry over allegations of tax avoidance.
"We want to know which banks have used the services of the Panamanian firm and whether Swiss laws were broken," said Thomas Bauer, president of Swiss financial watchdog FINMA.
"We've already contacted (Swiss financial) institutes," Bauer told Swiss newspaper NZZ am Sonntag, without specifying names.
Switzerland is the world's largest center for offshore wealth, with Boston Consulting Group estimating that around $2.5 trillion in foreign assets was kept with the country's banks in 2014.
FINMA signaled a crackdown on money laundering on Wednesday and is now calling for authorities around the globe to set standards that would prevent abuse.
"Other states and organizations -- such as the European Union or the OECD -- need to make efforts to establish similar regulations everywhere," Bauer told the paper.
Branches of Swiss lenders including UBS (UBSG.S) and Credit Suisse (CSGN.S) were mentioned in the leaked documents as being among the main banks that requested offshore companies for clients. Both banks have denied wrongdoing in connection with the practice. -Reuters
About 92 News HD Live Main TV Channel of Pakistan:
92 News (also known as 92 News HD Plus (Channel 92) is a conservative Urdu language TV channel based in Lahore, Pakistan.
Mian Muhammad Hanif is the chairman of the channel.
This TV channel is a subsidiary of Madinah Group under Galaxy Media Group.
The channel's name, 92, is to celebrate the 1992 Cricket World Cup won by Pakistan. The number 92 is also the telephone country calling code of Pakistan, which is another major reason behind the channel's name.
92 News HD is Pakistan’s first HD Plus News Channel. Aims to bring credible & responsible News & important stories from Pakistan & around the World
We bring you Latest Pakistani and International News at 92 News Hd Plus to Read and Watch
We believe in genuine and true journalism, we do not prevail sensation just for ratings.
We do not hide news but never tend to add any unethical content or angling that goes against the norms of our religion Islam and Pakistan's culture.
تازہ ترین خبریں حاصل کرنے کے لیے فوری اطلاع کی اجازت دیں
آپ کسی بھی وقت دائیں طرف نیچے بیل آئیکن پر صرف ایک کلک کے ذریعے آسانی سے سبسکرائب کر سکتے ہیں۔