In our world, where people struggle daily for a better place under the sun—earning a living and climbing the social ladder—leisure time has become a luxury. And if one manages to save up for pleasure, they prefer to enjoy it quietly, far from the hustle and bustle. There’s a vast market for such places. Mass tourists are welcomed by hundreds, if not thousands, of destinations offering peaceful ways to part with their “extra” funds—recharging them before sending them back into the race for status and survival.
But there are other places to unwind. Hidden far from popular tourist spots and often not on busy seaside or oceanfronts—such as in Switzerland. These retreats are frequented by people who have already reached a certain social status, those not merely on top of the ladder but certainly well above its middle rungs. And their money—the wealth of the public elite—is rarely far from its owners.
Money loves silence, and it too enjoys rest—resting in banks. Old, stable, time-tested banks that operate without flashy ads or noise, like the peaceful Swiss Alps. And notably, the origin of this money is often not of much interest to these banks—nor are the backgrounds of its owners. Banks, too, value stability and discretion. But even the thickest vault walls sometimes crack, letting secrets slip out.
For decades, Switzerland has symbolized financial stability—and simultaneously served as a haven for shadow capital. Despite international pressure on offshore jurisdictions and the adoption of automatic tax information exchange agreements, the country has only nominally moved toward transparency. Investigations in recent years reveal that tens of billions of euros remain hidden in banks in Geneva, Zurich, and Lucerne, often belonging to European elites.
Switzerland has long been a global leader in foreign-held assets. According to Boston Consulting Group, in 2022, some 2.1 trillion Swiss francs (~$2.4 trillion) in foreign private assets were stored “in the shadow of the Alps”—more than in Hong Kong, Singapore, or the Cayman Islands.
Swiss financial analysts estimate that €300–500 billion of these assets belong to European residents—including politicians, business magnates, heirs of old political dynasties, and media tycoons.
According to a report by the Swiss regulator FINMA, up to 30% of these funds are not subject to direct taxation in their countries of origin, having been routed through trusts, foundations, or nominee holders.
Journalists have always had a keen interest in other people’s secrets. In 2022, the Organized Crime and Corruption Reporting Project (OCCRP), Süddeutsche Zeitung, The Guardian, and others published the Credit Suisse leak, exposing data on over 18,000 accounts holding more than 95 billion Swiss francs. Unsurprisingly, the bank’s clients included ministers, judges, central bankers, and heads of state monopolies from Europe, Asia, and Africa.
At least €8 billion were linked to clear signs of corruption, including accounts opened under nominee names or in violation of anti-money laundering regulations. Credit Suisse also actively served EU officials—according to The Guardian, citizens of Austria, Greece, Bulgaria, Italy, and Portugal collectively held accounts worth over €1.2 billion.
One major obstacle to accountability: Swiss law still prohibits journalists from publishing banking information without a court order—a violation can result in up to 5 years in prison. In 2023, the Swiss Parliament refused to ease this law, despite pressure from the EU and Transparency International.
Reyl Bank (Geneva) was also implicated in an OCCRP and Le Monde investigation. The leaks revealed that the bank managed funds for ruling elites from Central Asian states. Among them was Dinara Kulibayeva, daughter of Kazakhstan’s ex-president Nursultan Nazarbayev. Through Reyl Bank, she allegedly controlled oil and gas assets worth up to $600 million. The bank is accused of violating anti-money laundering norms but has faced no criminal penalties to date.
Another bank, Lombard Odier, also served clients linked to Central Asian ruling families. In 2024, Swiss prosecutors accused the bank of facilitating the laundering of €340 million related to Gulnara Karimova, daughter of the former president of Uzbekistan. The bank allegedly enabled her to use accounts for fake transactions across Europe and Russia.
And it’s not just Central Asian elites using Swiss banks for questionable deals. In 2023, Banque Pictet admitted guilt in the U.S. in a tax evasion case. The bank hid $5.6 billion in assets through 1,637 accounts for American clients, intentionally helping them evade the IRS for over a decade. A fine of $122.9 million was imposed.
These few cases involve huge sums. According to the Tax Justice Network, EU countries lose €55–85 billion annually due to hidden assets—much of it via Switzerland. Austria, Germany, France, and Italy bear the greatest losses from elite tax evasion.
In conclusion, despite the implementation of the Automatic Exchange of Information (AEOI)—which allows for the sharing of tax data between countries—Switzerland remains a silent haven for elites. The crux of the issue is that nominee owners, trusts, and foundations often do not require disclosure, even if the ultimate beneficiary is a European politician. The AEOI system only shares data based on tax residency, and dual citizenship can shield account holders. Add to this Switzerland’s strict laws criminalizing the publication of banking leaks, and the result is a legal fortress of secrecy.
Switzerland remains a “black hole” of European financial transparency. Despite reform talk, the country’s major banks continue to turn a blind eye to the origins of funds. Assets belonging to EU officials, politicians, oligarchs, and businessmen remain stashed in the shadows of the Alps, shielded by banking secrecy not seen in any other European financial hub.
Money loves not only silence—but accounting. To avoid massive financial and reputational losses, the EU must develop a clear mechanism of pressure on Switzerland, as the U.S. did in the HSBC and Pictet cases. Without sanctions, transparency, and international pressure, capital flight will continue—along with the erosion of public trust in European institutions.