Now, Switzerland to publish list of dormant bank accounts

Last Updated: Sunday, May 31, 2015, 15:53

The Ombudsman further said that a new banking law, which has come into force this year, has mandated that "assets over 500 Swiss franc that have been dormant for 50 years, that is 60 years after the last contact, have to be published. "If, following this publication, no justified claims are reported, the assets must be liquidated and their net proceeds will be transferred to the Swiss Confederation.

'$18 trillion unaccounted black money stashed in tax havens'

Last Updated: Friday, January 23, 2015, 20:49

A staggering USD 18 trillion worth unaccounted money is stashed in tax havens and ploughing back that amount into the global economy can help lift people from poverty, says Oxfam.

Untaxed money: Swiss banks to boost vigil on overseas clients

Last Updated: Sunday, December 1, 2013, 13:14

Stepping up their efforts to curb flow of unaccounted money, Swiss banks will strengthen their due diligence of overseas clients and advise them to comply with international tax regulations.

Coercion not a means to unearth unaccounted money: Tax official

Last Updated: Friday, October 18, 2013, 15:39

The income tax department has never looked at coercion as a way to unearth accounted money and the idea is not to create nightmares, a senior tax official said on Friday.

Unaccounted money issue flagged in probes into scams

Last Updated: Thursday, October 11, 2012, 20:35

The agency is probing number of corruption cases in the exploitation of natural resources like iron ore, coal, off-shore minerals, spectrum among others.