Swiss banking secrecy and Nazi gold

Martin Cloake
Swiss flag
Swiss flag

PA

Switzerland's ranking in the Financial Secrecy Index 2011 as the most secretive financial centre in the world will have come as no surprise to most. The very phrase "Swiss bank' is synonymous with secrecy and wealth, and the Swiss Bankers Association say that about one third of the world's cross border inherited private wealth – about $2 trillion – is managed in the country. And one frequently used justification for this secrecy is a myth.