Switzerland, once known as a haven for black money, is taking steps to change its image. To increase transparency and crack down on black money, Switzerland is considering joining the International Anti-Corruption Coordination Center (IACCC), led by the UK. The task force aims to take action against corrupt leaders and recover stolen funds. As the world’s largest offshore wealth manager, Switzerland has long faced accusations of harboring illegal money from corrupt leaders, business people, and criminals. Many Indians also have black money deposited in Switzerland. The UK’s Foreign Minister, David Lammy, met with the Swiss government earlier this month and proposed Switzerland’s inclusion in the International Anti-Corruption Coordination Center (IACCC). Currently, Switzerland is only an observer member, but the UK has invited it to become a full member. According to reports, Switzerland has taken steps in recent years to increase transparency, such as proposing stricter rules for beneficial ownership, i.e., who is the real owner of a company. It has also been trying to increase international cooperation in cases of illegal money. The IACCC was established in 2017 and is operated by the UK’s National Crime Agency (NCA). It includes countries like the US, Australia, Canada, and New Zealand. So far, the task force has identified approximately 1.8 billion pounds of suspicious stolen assets and frozen assets worth around 641 million pounds. India has also been trying to recover black money deposited abroad and assets hidden by fugitives for a long time. According to annual data, Indian money deposited in Swiss banks more than tripled in 2024 to 3.5 billion Swiss francs (approximately 37,600 crore rupees). This is the highest ever since 2021 when the money of Indians in Swiss banks reached a 14-year record level, with a total of 3.83 billion Swiss francs deposited. Experts believe that if financial centers like Switzerland become part of such a task force, it will help many countries, including India, to bring back illegal money hidden abroad. The Indian government has consistently stated that foreign bank vaults will no longer be safe havens for black money. In recent years, India has taken several steps to curb this.
