Name: Can You Still Hide Money in Swiss Banks?
Uploaded: 2018-05-27T15:28:50.000Z
Duration: 3 min 1 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Two of the world's largest banks have come
under scrutiny in the last few years for alleged

unscrupulous business practices in Switzerland.
So what shady things have these banks been

Well, first of all, a Swiss banking law in
1934 made it a criminal act for banks to reveal

the names of its account holders. This came
in handy for Jews during World War 2, when

they were able to hide funds from the Nazis
-- but the banks have since become an infamous

tax haven for the global elite. The UBS, or
the United Bank of Switzerland, and the London-based

HSBC, short for the Hong Kong and Shanghai
Banking Corporation, are some of the world's

largest banks which have benefitted from the
1934 law. UBS accounts and Swiss HSBC accounts

have been held by the internationally wealthy
- including many celebrities, politicians,

royalty, corporate executives and families
with old-money.

It's safe to say that both banks have had
their share of run-ins with the law over the

years. The UBS and other Swiss Banks were
accused in the 1990s of keeping unclaimed

World War II wealth to themselves - including
things stolen by the Nazis. And in the 2000s,

the UBS, the HSBC and their affiliates, were
required to pay hundreds of millions of dollars

in restitutions and penalties for unsavory
business practices. These infractions have

included mis-selling products to elderly customers,
lending bank names and logos to fraudulent

pension funds, being involved in the Enron
collapse, and a huge Ponzi scheme that cost

investors 600 million dollars.  Lately, because
of whistleblowers from inside the HSBC and

the UBS, authorities have been made aware
of alleged tax evasion schemes created by

the banks themselves in order to help their
clients hide money.

Tax evasion can negatively affect the majority
of the world, while benefitting an elite minority.

Regular taxpayers, like you and me, need to
chip in more money to compensate for tax-evaders.

A 2012 report from the Tax Justice Network
estimates that CONSERVATIVELY, between 21

and 32 trillion dollars goes unreported from
the world's wealthiest people. Money which

is stored in tax havens like the ones allegedly
offered by certain Swiss banks.

The UBS says that it has since amended its
policies and takes regulator accusations very

seriously. The HSBC maintains a similar sentiment,
and reports that it has refocused and re-evaluated

business practices. Many other banks have
also settled with government regulators for

huge sums of money, and they pledge to do
better. Back in 2011, a G20 summit report

declared that “the era of bank secrecy is
over”. However, with the recent Swiss bank

controversies, it appears that's not the
case.

Corporations have also found ways to avoid
paying their taxes as well. To learn about

one such loophole, check out our video here.
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