NEWS

Swiss Francs 85 Million Invested In Swiss Banks By Sri Lankans Last Year

Posted in PRESS RELEASE by ustamil on July 2, 2012

By Feizal Samath –
Investments by Sri Lankan individuals, companies or the Sri Lankan government in secret Swiss accounts totalled more than 85 million Swiss francs (CHF) in 2011 while liabilities listed against Sri Lanka were 44 million in the same year, official data from the Swiss National Bank (SNB) show.

The Swiss franc is higher or equal in value against the US dollar (1CHF = 1.048 US$). SNB is Switzerland’s central bank. However it doesn’t provide details of who owns these assets or liabilities and has listed these data under each country. Swiss secrecy laws protect the identity of the investor/debtor, which is among a host of reasons why much black money or ‘dirty’ money is believed to be stashed by corrupt governments, individuals or businesspersons. (MORE)

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