#MarcosLegacy: The case of some $500 million stashed in Swiss banks by the former dictator of the Philippines, Ferdinand Marcos, has prompted reforms that make it harder for corrupt rulers and criminals to stow assets here. Despots and crime barons, large and small, have deposited millions in Switzerland for decades without consequence for most. But the Marcos fortune was different because of its size and the embarrassment to the Swiss from the lengthy efforts of the countrys Government to retrieve it. It took 12 years for the Marcos money to be returned to the Philippines. Moving to close loopholes in the countrys banking and legal structure as efforts to restore the money stalled, Swiss lawmakers made money laundering a crime for the first time, and overhauled its legislation for assistance to foreign governments seeking return of illicit wealth. It is now easier for Switzerland to give back disputed monies. The case prompted Swiss bank regulators to make significant changes in bankings inner sanctums, which had routinely welcomed enormous sums with few, if any, questions asked. For the first time, banks were obliged to scrutinize funds from foreign political figures. Banks also had to take greater steps to ascertain the true owner of funds before accepting them for deposit. READ MORE: nytimes/1998/10/23/world/ferdinand-marcos-s-swiss-bank-legacy-tighter-rules-for-despots-and-criminals.html #Throwback
Posted on: Wed, 10 Sep 2014 16:15:03 +0000
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