Originally published 03/26/2013
One of the most enduring myths associated with Swiss banks is the money of “unknown” origin that has been hidden in their coffers for generations. Because of a number of laws enacted in the past 15 years, Switzerland’s financial institutions are now tightly regulated, but at least one mystery still remains: who owns hundreds of millions of dollars’ worth of unclaimed assets languishing in the nation’s banks — and how long will they be kept there?Earlier this month, Switzerland’s parliament set a 62-year deadline for the recovery of unclaimed assets, which are roughly estimated at anywhere from $100 million to $600 million. This means that the banks must keep inactive accounts for six decades after the last contact with the customer, and then turn the assets over to the Swiss government. The new time limit is longer than allowed in most other countries, which liquidate dormant accounts after five to 30 years. And while the deadline is part of larger reforms of the banking sector, it is born out of the scandal that erupted in the 1990s over the dormant World War II accounts stashed in Swiss banks by Jews fleeing Nazi persecution....
- Should Trump Be Impeached? What Founding Father James Madison Gave as Grounds for Impeachment.
- Long Lost Nordic Village Mysteriously Abandoned in the Middle Ages Rediscovered
- Holocaust Memorial Rebuilt Outside Far-Right Politician's House By German Activists
- Ratko Mladic Is Convicted in 1990s Slaughter of Bosnian Muslims
- Most Everything You Learned About Thanksgiving Is Wrong
- Is This Professor ‘Putin’s American Apologist’?
- Vietnam veterans challenge Ken Burns on the accuracy of his epic documentary
- OAH historians say events of the past year show they were right to emphasize freedom as the theme of the 2019 annual convention
- Why being a historian is about so much more than producing displays for museums
- Historian Says Textbooks Have Shaped Our Attitudes On Race