Swiss banking is dead and buried

[JohnnyDoe]

Switzerland today is just another puppy state.

Swiss have frozen $8.8 billion of Russian assets

Switzerland has frozen an estimated 7.7 billion Swiss francs ($8.81 billion) in financial assets belonging to Russians, the government said on Friday, under sanctions designed to punish Moscow for its invasion of Ukraine.

www.reuters.com

 

[Sols]

This might just be the 100th time I've read that Swiss banking is dead and/or buried.

Those Swiss necromancers sure have a lot of magical powers, resurrecting their supposedly dead sector over and over again.

 

[Don]

Switzerland today is just another puppy state.

Swiss have frozen $8.8 billion of Russian assets

Switzerland has frozen an estimated 7.7 billion Swiss francs ($8.81 billion) in financial assets belonging to Russians, the government said on Friday, under sanctions designed to punish Moscow for its invasion of Ukraine.

www.reuters.com

It sure is flowing out.
Prior to the financial crisis of 2008–09, almost half of global offshore wealth was managed in Switzerland. Today this share is down to about 20%.

check the full report posted here: Oracles have spoken - what the future holds


Identifying the residence country of the owners of offshore assets still faces data limitations and requires assumptions. The main issue is that offshore assets are often held indirectly through intermediate structures such as shell companies, trusts, and holdings; often themselves located in other offshore financial centers (such as in Panama or the British Virgin Islands). As a result, a large fraction of the wealth managed by offshore banks is assigned to the territories where these intermediate structures are incorporated – not to the countries where the beneficial owners of the assets live.

 

[JohnnyDoe]

Swiss neutrality is a thing of the past. Chinese and Arab account holders ware moving their funds out of Switzerland as they understand it’s no longer a safe place.
Data for 2022 already showed that the banking sector is unhealthy. 2023 will look worse and the trend will continue. As a result, banks will try harder to hold on to funds.

 

[Konstanz]

If Switzerland is dead where is safe?

 

[JohnLocke]

If Switzerland is dead where is safe?

"I would also like to get an answer to that question!

 

[JohnnyDoe]

If Switzerland is dead where is safe?

Crypto and non fiat assets. I don’t see anything else safe.

 

[Marzio]

If Switzerland is dead where is safe?

SIngapore uber alles.

Here's a list of top safest commercial banks worldwide.

World’s Safest Commercial Banks 2023

World’s Safest Commercial Banks 2023 | Global Finance Magazine

gfmag.com

 

[Don]

SIngapore uber alles.

Here's a list of top safest commercial banks worldwide.

World’s Safest Commercial Banks 2023

World’s Safest Commercial Banks 2023 | Global Finance Magazine

gfmag.com

Due to recent developments, banks such as OCBC, Citigroup and UOB are demanding more documents than usual in some cases to verify sources of wealth, according to some sources.

Singapore banks sharpen scrutiny after $2.8 billion money laundering scandal: Sources

Banks like OCBC and UOB are demanding more documents than usual in some cases to verify sources of wealth, sources said. Read more at straitstimes.com.

www.straitstimes.com

 

[JohnnyDoe]

Additionally, socialism is rampant, and administration of justice is flawed. Prosecutors behave as judges, acting as prima donnas, and corrupt, unethical lawyers abuse of the system to inflict financial harm on the opposing party with condescension of banks.
For example:

Billionaire battle rages on as Geneva court overturns dismissal of Dmitry Rybolovev's fraud case against art dealer Yves Bouvier

Rybolovlev is accusing Bouvier of having swindled €1.1bn from him through the €2bn sales of 38 works of art from 2003 to 2014

www.theartnewspaper.com

 

[Marzio]

Due to recent developments, banks such as OCBC, Citigroup and UOB are demanding more documents than usual in some cases to verify sources of wealth, according to some sources.

In my view Singapore is doing everything right.

They are demanding more documents probably because of high demand and since they want to be seen as a trustable offshore financial center they can be picky about who they let in their financial system.

 

[Jbb1]

In my view Singapore is doing everything right.

They are demanding more documents probably because of high demand and since they want to be seen as a trustable offshore financial center they can be picky about who they let in their financial system.

I can confirm, I’ve never been asked for so many documents to open a bank account as in Singapore.

 

[jafo]

Crypto and non fiat assets. I don’t see anything else safe.

Sadly, this seems to be so. There is another one, but it requires daily labor-intensive work that most aren't physically conditioned to do or aren't willing to do

Additionally, socialism is rampant, and administration of justice is flawed. Prosecutors behave as judges, acting as prima donnas, and corrupt, unethical lawyers abuse of the system to inflict financial harm on the opposing party with condescension of banks.
For example:

Billionaire battle rages on as Geneva court overturns dismissal of Dmitry Rybolovev's fraud case against art dealer Yves Bouvier

Rybolovlev is accusing Bouvier of having swindled €1.1bn from him through the €2bn sales of 38 works of art from 2003 to 2014

www.theartnewspaper.com

Russians, I found, believe it or not, are too trusting or think they can deblood the other side if they "are taken advantage" of by the other side. I prefer NOT to fall into the crocodile-infested water than to fight my way out of it with the high fees of a bunch of lawyers, judges, politicians, , lobbyists, accountants etc etc. Of course, YMMV.

 

[Konstanz]

I don't see how Singapore is safer than Switzerland or Liechtenstein. Even in Singapore assets can be frozen.

 

[jafo]

In my view Singapore is doing everything right.

They are demanding more documents probably because of high demand and since they want to be seen as a trustable offshore financial center they can be picky about who they let in their financial system.

Singapore is about to find out soon that no matter how many documents they gather, once the US DOJ decides to "indict" & "penalize", they are

It's not if, but when.

Lee Kuan Yew KNEW this BEFORE I even was born!

 

[Marzio]

once the US DOJ decides to "indict" & "penalize"

Care to elaborate?

Even in Singapore assets can be frozen.

Then buy BTC or stick some gold under the mattress

 

[avalanche]

It sure is flowing out.
Prior to the financial crisis of 2008–09, almost half of global offshore wealth was managed in Switzerland. Today this share is down to about 20%.

View attachment 5729

check the full report posted here: Oracles have spoken - what the future holds


Identifying the residence country of the owners of offshore assets still faces data limitations and requires assumptions. The main issue is that offshore assets are often held indirectly through intermediate structures such as shell companies, trusts, and holdings; often themselves located in other offshore financial centers (such as in Panama or the British Virgin Islands). As a result, a large fraction of the wealth managed by offshore banks is assigned to the territories where these intermediate structures are incorporated – not to the countries where the beneficial owners of the assets live.

Strange how people can trust Asian offshore centers that are mostly dominated by Chinese banks including HK and Singapore.

Aside from that Singaporean banks are just a few, there isn't much choice in there.

In my understanding, maybe interpretation of this data is misleading and in reality we just have more wealthy Asian people rather than capital outflow from the West?

 

[Konstanz]

In reality there is no good alternative for having bank account than Switzerland. For example UAE residents, UK non-doms. All other alternatives cannot offer the same quality can offer swiss banks

 

[jafo]

Care to elaborate?

It's simply highway robbery by someone with a lot more firepower than Singapore...unless China steps in, but the US DOJ will ultimately "sanction" Singapore and put them on e.g. the Clinton List. Who will do business with Singapore if the Americans (and their EU vassal states) sanction Singapore?

PS. I survived this type of war from 2001 to 2017 and it's hard to explain it to someone who hasn't seen the inside of a Federal Detention Center and been in Federal Court listening to the outright lies of prosecutors, agents, judges, etc etc. Catch them in their lies and have the judge, your OWN lawyer, and others make excuses for them and strike their lies off the record. Even in the rare case that one wins, one loses.

A cursory reading of this blog will give you an idea of the level of sophistry and casuistry in US courts: Expose Corrupt Courts

 

[369]

It sure is flowing out.
Prior to the financial crisis of 2008–09, almost half of global offshore wealth was managed in Switzerland. Today this share is down to about 20%.

View attachment 5729

check the full report posted here: Oracles have spoken - what the future holds


Identifying the residence country of the owners of offshore assets still faces data limitations and requires assumptions. The main issue is that offshore assets are often held indirectly through intermediate structures such as shell companies, trusts, and holdings; often themselves located in other offshore financial centers (such as in Panama or the British Virgin Islands). As a result, a large fraction of the wealth managed by offshore banks is assigned to the territories where these intermediate structures are incorporated – not to the countries where the beneficial owners of the assets live.

its down because new blocks are being created which didn't existed back in 2008

In my view Singapore is doing everything right.

Don't you think singapore is the vasall of the US same as hong kong to china