Swiss banks are making headlines as far as India. In an article in India Today (31st of January 2011) Swiss banks were accused of being instrumental in the “great Indian robbery”, the stashing away of illicit funds abroad. According to a study by a US-based outfit by the name Global Financial Integrity, since India's independence apparently $500bn were stolen and stashed away. According to the study the illicit money stems from tax-evasion and the underground economy and the top destination for this money was apparently Switzerland (named were LGT Bank from Liechtenstein and UBS AG from Switzerland). Although this topic is not new, it got new life by a much trumpeted statement by the ruling Congress Party to name all politicians with illicit funds abroad. However, so far no names were made public and the Government party is back-pedaling. It seems that too many politicians have money abroad, illicit or not.
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