Swiss attitude to corruption has changed considerably

The transformation in banking secrecy and recent arrests of allegedly corrupt FIFA officials in Zurich have changed Switzerland’s position on issues relating to corruption, according to the head of Transparency International.

“What is happening in Switzerland on money laundering and corruption is interesting. Things have changed considerably in Switzerland, and the FIFA case is one of the proofs,” José Ugaz said on Wednesday during an online interview organised by the International Bar Association.

Ugaz also commented on banks involved in fraud, saying fines may not be enough to punish corrupt executives and financial institutions sheltering money originating from illegal practices.

“We should consider more sanctions which would limit personal liberty in big cases of corruption,” he said.

Banks, he added, were powerful and represented “an elite in society closely linked to politicians”. Therefore the drafting of relevant criminal law was complicated and required strong political will, he said.