The amount of money that Tanzanians keep in Swiss bank accounts continues to climb. Holdings rose 42 percent to CHF 270.97 million (US $304.2 million) in 2013, from CHF 190.58 million (US $213.4 million) the prior year, according to Swiss central bank data. Switzerland is a favorite location for the wealthy to hold money due to its stable currency, generally low taxes and a long tradition of bank secrecy. Global Financial Integrity, the Washington-base group that tracks illicit flows, has estimated that $4.5 billion in illicit money has left Tanzania over the last decade, and the annual pace has accelerated to $817 million by 2011, the latest year for which data is available, from US$ 551 million in 2002.
Posted on: Mon, 07 Jul 2014 20:17:28 +0000
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