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Schöchli, Hansueli

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3 articles of this author have been cited in the European Press Review so far.

Neue Zürcher Zeitung - Switzerland | 03/05/2013

London eases banking secrecy to no avail

Britain declared on Thursday that seven of its offshore financial centres including Bermuda and the Cayman Islands will participate in the automatic information exchange (AIE) of bank account data. The data is to be made available to France, Germany, Italy and Spain. The measure sounds powerful but won't necessarily be effective, the liberal-conservative daily Neue Zürcher Zeitung writes: "The AIE will for the most part be an empty formula as long as banks don't know who the economic beneficiaries are behind the company structures or trusts. According to global guidelines on money laundering, banks must identify the people behind such constructions. In practice, however, according to studies and those in the know, they have often not followed through. This is particularly true in the US and Britain, and in part in Britain's 'back yards' as well. ... The British announcements on Thursday had no small print on companies and trusts. For that reason it's an open question whether these agreements constitute much more than a PR job in reaction to the political climate."

Neue Zürcher Zeitung - Switzerland | 05/09/2012

Eurozone crisis infects Swiss economy

The Swiss economy is contracting. In the second quarter of this year the country's gross domestic product sank by 0.1 percent in comparison with the first quarter, the country's State Secretariat for Economic Affairs announced on Tuesday. Europe has infected Switzerland with its crisis, the liberal-conservative daily Neue Zürcher Zeitung fears: "Europe's economic slowdown is reducing demand for Swiss exports, the expensive Swiss franc is cutting exporters' profit margins, the oh-so-sensitive financial markets can spread crises via the banking sector and widespread uncertainty over the future of the Eurozone may limit corporate investments and ultimately even private consumption. So the Swiss economy is now in the slow lane. … That in itself is no catastrophe, however. Switzerland continues to be better placed than many euro states. … Nevertheless we have once again been rudely reminded that Switzerland is not an island – and that our economic progress depends to no small extent on political decisions taken abroad, on which Switzerland naturally has little influence."

Neue Zürcher Zeitung - Switzerland | 17/05/2011

What to do with dictators' money

A Swiss delegation last week met with representatives of Egyptian authorities to discuss how the money invested by the Mubarak clan in Switzerland can be returned to Egypt. The liberal-conservative daily Neue Zürcher Zeitung urges caution in managing the money of dictators: "If the figures are to be believed, around a quarter of the movable private assets outside the country are being managed in Switzerland. Switzerland was relatively quick this year to block access to money suspected to belong to the potentates of rebelling North African states, and the amounts that have been located (in total 830 million francs [661 million euros] from Egypt, Libya and Tunisia) seem relatively modest in view of the speculation about far higher sums accumulated by the clans in question. ... Legally it seems there is no urgent call for action, although calls for tougher measures can be heard. ... At any rate the Swiss banks should certainly keep their antenna on the alert."

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