Middle East

Switzerland has not seen any major Saudi fund flows – Swiss Bankers Association

Author: ReutersMon, 2018-02-19 19:11ID: 1519056966787925400

ABU DHABI: Switzerland has not seen any major inward or outward movement of funds from Saudi Arabia, the chairman of the Swiss Bankers Association said on Monday when asked whether he had seen an increase in flows following Riyadh’s anti-corruption campaign.
“We have not observed any major movement of funds being transferred, not at all,” Herbert Scheidt told reporters during a tour of the Gulf.
Scheidt was part of a group accompanying Swiss Vice President and Minister of Finance Ueli Maurer, who visited Saudi Arabia and the United Arab Emirates for talks on cooperation in financial and tax matters.
Scheidt said there had been no discussions with Saudi Arabia during the trip about freezing assets, adding that any such requests would be made to the Swiss prosecutor’s office.
In an effort to curb corruption, Saudi Arabia began a crackdown in November, arresting a number of ministers and some members of the royal family.
The drive was part of an initiative launched by Crown Prince Mohammed bin Salman as an important part of the ambitious Vision 2030 reform plan to promote development.

Main category: Saudi ArabiaTags: Saudi ArabiaSwitzerlandSwiss Bankers AssociationcorruptionSaudi Vision 2030related_nodes: Saudi Arabia, Switzerland sign agreement to avoid double taxationSaudi cyber security body signs agreement with top training instituteRiyadh to host Saudi Arabia’s first Arab Fashion Week

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