When you think of hot spots for corruption, Switzerland may not be the first country that comes to mind. Nevertheless, Transparency International is singling out the Nordic nation as part of a new campaign, “Unmask the Corrupt,” and demanding that government officials must “make it harder for the corrupt to hide behind secret companies.”
Currently, Switzerland does not require beneficial owners of companies to be revealed, a level of secrecy that makes it easier for corrupt foreign public officials and businesspeople to hide the origin of their stolen money from law enforcement, the public, and governments who may seek its return. The group is calling upon Switzerland to collect and disseminate ownership information to law enforcement. It recommends using public registers because banks would be required to consult this register when undertaking due diligence on their clients.
