$200 Billion is the Value of the Hidden Arab Funds in Swiss Banks

  • Bern, Swiss Confederation
  • 23 December 2019

Swiss information revealed that the volume of Arab funds looted and hidden in Swiss banks is estimated at about 200 billion dollars.

Switzerland is the most important sanctuary for the money stolen from the people and the wealth of rulers, as it used bank secrecy even years ago, which made its banks the most important sanctuaries to hide the money.

Transparency International believes that a large part of this money belongs to corrupt rulers and businessmen who illegally obtained their fortunes.

According to the same information, the total Arab sums deposited abroad may reach several trillion dollars.

It is estimated that the size of the funds that directly fell victim to corruption in Lebanon is about 50 to 60 billion dollars during the past ten years, equivalent to about 70 percent of the total public debt, which amounts to more than 150 percent of Lebanese GDP.

It should be noted that the most prominent offshore centers that embrace Arab funds alongside Switzerland, the British Caribbean Islands, Liechtenstein, and the states of Nevada, South Dakota, Wyoming and Delaware which are the states that enjoy "tax exemptions".

Source (The New Arab Newspaper, Edited)


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