Search form

Last updated: 1 min 45 sec ago

You are here

Saudi Arabia

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

The sign of the Swiss National Bank is seen on their headquarters in Bern. (AFP)
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.

MORE FROM Saudi Arabia