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Volcker Commission
The Volcker Commission, also known as the Independent Committee of Eminent Persons (ICEP), was established in 1996 to investigate the accounts lying dormant since the Second World War in various banks in Switzerland. The committee was headed by former United States Chairman of the Federal Reserve Paul Volcker and was composed of three representatives from the Swiss Bankers Association and three appointed by Jewish organizations. Background Due to Switzerland's status as a neutral country bordering on Germany and Austria, many Jews fleeing the Holocaust deposited large amounts of money and valuables in Swiss banks. However, when survivors' or victims' heirs tried to recover their money following the war, many faced bureaucratic stonewalling by the banks which often seemed not to recognize the special conditions which had been experienced by Holocaust victims. A number of times after the end of World War II, Swiss banks came under criticism for their behaviour, particularly over ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second World War
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing military alliances: the Allies and the Axis powers. World War II was a total war that directly involved more than 100 million personnel from more than 30 countries. The major participants in the war threw their entire economic, industrial, and scientific capabilities behind the war effort, blurring the distinction between civilian and military resources. Aircraft played a major role in the conflict, enabling the strategic bombing of population centres and deploying the only two nuclear weapons ever used in war. World War II was by far the deadliest conflict in human history; it resulted in 70 to 85 million fatalities, mostly among civilians. Tens of millions died due to genocides (including the Holocaust), starvation, ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks In Switzerland
Banking in Switzerland dates to the early eighteenth century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Banking is seen as emblematic of Switzerland, along with the Swiss Alps, Swiss chocolate, watchmaking and mountaineering. Switzerland has a long, kindred history of banking secrecy and client confidentiality reaching back to the early 1700s. Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of the landmark federal law, the Federal Act on Banks and Savings Banks. These laws, which were used to protect assets of persons being persecuted by Nazi authorities, have also been used by people and institutions seeking to illegally evade taxes, hide assets, or generally commit financial crime. Controversial protection of foreign accounts and assets during World War II sparked a series of proposed financial regulations seeking t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
