Zurich: India’s fight against black money received a shot in the arm as Switzerland has prepared a list of Indians suspected to have stashed un-taxed wealth in Swiss banks and the details are being shared with Indian government.
The names of these Indian individuals and entities have come under scanner of the Swiss authorities during an ongoing exercise to identify real beneficiary owners of funds held in various banks operating in Switzerland, a senior Swiss government official said.
“These individuals and entities are suspected to have held un-taxed money in Swiss banks through structures like trusts, domiciliary companies and other legal entities based out of countries other than India,” the official said.
The official refused to divulge the identity of these persons and entities, as also the quantum of funds held by them in Swiss banks. Swiss authorities are keen to provide all necessary support to the newly set up Special Investigation Team (SIT) on black money.
As per the latest Swiss National Bank data, the total foreign client money across 283 banks in Switzerland at $1.6 trillion.
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