Switzerland In Focus - Discover Switzerland: Experience the Best of Switzerland - page 569

nounced that they had discovered millions of dollars lying in dormant pre-1945 accounts
and belonging to Holocaust victims and survivors. Three years later, amid allegations
they'd been sitting on the money without seriously trying to trace its owners, Switzer-
land's two largest banks, UBS and Crédit Suisse, agreed to pay US$1.25 billion in com-
pensation to Holocaust survivors and their families.
The Federal Charter of Swiss Confederation ( Click here )
PHOTOGRAPHER: ADRIAN MOSER / GETTY IMAGES ©
Switzerland has long been a favourite spot for the wealthy to deposit their fortunes in
private banks. Almost one-third of the world's US$7 trillion offshore deposits are said to
be in Switzerland - hence the immense pressure on Switzerland in 2009 from the US, Bri-
tain, Germany and other high-tax countries to change its 1934 banking law protecting de-
positors accused of tax evasion by their home countries. The Swiss conceded, prompting
critics to triumphantly ring the death knell for Swiss banking secrecy. This followed hot