Deleted user
posted 3 years ago
How can a country reclaim money held in Swiss bank(s)?
Consider that a 3rd world country X had a corrupt/autocratic government in the '90s and its politicians embezzled a lot of public money and deposited them in various banks in Switzerland. In the 2010s, that government is replaced by a democratically elected and popular government. How can X's new government bring back that money from Switzerland?
  • Switzerland
  • Banking and Financial

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Deleted user
posted 3 years ago
Although there is not a specific rule for a situation that you mentioned, I would like to refer to article 37m(1) of the swiss federal act on banks and savings.It is about the liquidation of a dormant account which is as follow: "Banks shall liquidate dormant assets after 50 years, provided the rightful owner has not answered to any prior publication of such account. Dormant assets amounting to CHF 500 or less may be liquidated without prior publication."