Switzerland Banks undergo scrutiny after Panama Leaks 

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GENEVA: Switzerland Banks undergo scrutiny after Panama Leaks to find out which bank offered services and whether it violated Swiss laws or not.

Swiss financial watchdog FINMA official said “We want to know which banks have used the services of the Panamaian firm and whether Swiss laws were broken.”

The official claimed that they contacted Swiss banks in this regard but they denied it.

Swiss banks are the biggest international wealth management centers of the world with at least $2.5 trillion.

FINMA official said “Other states and organizations-such as European Union or the OCED-need to make efforts to establish similar regulations everywhere.”

International Consortium of Investigation Journalists claimed that Britain’s largest bank HSBC formed more than 2,300 off-shore companies with Panamian law firm.

US and other European countries are investigating in the light of Panama Leaks.

Source: www.channelnewsasia.com