Scandals featuring foreign despots hiding assets in Switzerland have prompted Swissinfo readers to ask if it is true that anyone can place huge sums of money in the country’s financial institutions.
This content was published on
March 24, 2026 – 09:00
Reporter specialised in Swiss foreign affairs, with a side hustle as a sub-editor in the English Department.
Previously my focus was on disinformation and fact-checks, which I still produce occasionally.
I oversee the distribution and social media channels for the English department and write news articles in English.
I studied modern languages, English, and Russian literature, then completed an MA in international journalism in Cardiff. After that, I worked for BBC Education in Manchester for a few years before moving to Switzerland.
Anyone can request to open an account at a bank in Switzerland, the Swiss Bankers Association explainsExternal link on its website. But first, a potential client has to go through a series of checks, including identity verification and disclosing the name of the beneficial owner of the funds they plan to deposit.
These checks are part of due diligence obligations that financial institutions have to follow under the Swiss banks’ code of conductExternal link and the Anti-Money Laundering ActExternal link. These rules are the first line of defence against so-called dirty money – proceeds from criminal activity – entering the Swiss financial system. A bank can therefore reject a new client if there are doubts about their identity, the beneficial owner or the origins of the assets.
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Foreign Affairs
With US in retreat, can Switzerland maintain fight against kleptocracy?
This content was published on
Sep 11, 2025
The tough task of uncovering illicit finance held by corrupt officials and returning stolen assets is being complicated by slow progress and waning US leadership.
Read more: With US in retreat, can Switzerland maintain fight against kleptocracy?
But cases sometimes slip through the cracks. The Swiss financial regulator, FINMA, has found that not all banksExternal link have robust due-diligence systems in place to root out problematic clients.
Despite tightening regulations against money laundering and banking secrecy, Switzerland remains a preferred destinationExternal link for dirty money deposits from Africa, according to a 2024 investigation by Transparency International. Out of 43 cases of corruption, the NGO was able to trace ten of them to bank accounts in Switzerland, one fewer than top choice the United Kingdom.
Edited by Tony Barrett
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