Switzerland has for years been the destination of choice for Russian oligarchs and corrupt officials to hide their stolen money.
Swiss banks are estimated to hold over $200 billion in stashed Russian cash. The United States recently opened an investigation into Swiss banks helping Russia to evade sanctions, subpoenaing the two largest Swiss banks at the time. Switzerland is also key to Russian evasion of export controls meant to ensure Russia cannot resupply its military and continue its war.
Russian-induced corruption within the Swiss law enforcement system led to the resignation of the former top prosecutor of Switzerland and the conviction of a senior Swiss law enforcement official on bribery charges. Switzerland is now primed to send millions in frozen Russian dirty money related to the revelations of Sergei Magnitsky to the Russians who stole it.
This hearing will examine Switzerland’s key role in laundering Russian money. Witnesses will discuss how Switzerland came to be a favorite destination for Russian dirty money, how Russian corruption in Switzerland endangers U.S. national security and the ability of Ukraine to defend itself, and possible policy responses. This hearing builds on years of work by the Commission to hold Switzerland to account for its role in Russian money laundering and corruption.
Source: U.S. Commission on Security and Cooperation in Europe