What is so special about Swiss Bank?

                      As per the data provided by the Swiss bank, India has more black money than rest of the world. It is estimated that almost $1500 Billion black money is in Swiss banks.

                      The word 'Swiss Bank account' is very famous in our country. Opposition parties always use this term to target the ruling party. Rich People, politicians etc invest in Swiss Banks to avoid tax. It is known as Black Money. Swiss Banks have various advantages when compared to other banks.

Let us see what is so special about the Swiss bank:

• Swiss banks provide the account holder with a greater degree of protection from scrutiny.
• Opening Swiss banks accounts is totally anonymous and it is 100% untraceable. Only the bank manager knows the identity of numbered account holders.
• Swiss law does not scrutinize the account information. Only the amount each bank has and transactions made are being audited. No other information like... where the money comes from., where it goes are not recorded.
•  While opening a bank account, an access code is given to access the account. No names or proofs of identification are required while opening the account.
• If the access code provided by the bank is lost or forgotten, access to the account is lost forever.
• The opening balance to open an account is USD 100000 - this is quite unusual for common people.
•  Transfer of money is done by directly depositing in the bank just to ensure that there will be no evidence for the money deposited. If it is done through a cheque / DD / Online Transfer, there will be a paper proof for the same.
•  Suppose Mr. X  has an account in Swiss Bank and his nation is planning to bring it back. If his government proves that a particular account in the bank is that of Mr. X's, it can bring the money back. But, this is almost impossible. 
•  Even Mr.X's spouse cannot do anything with that money until and unless he/she can produce an evidence stating that Mr.X has an account in that bank.

                     These 'anonymous account' banks are now undergoing some regulations that are laid down by the European Union to avoid money laundering and financial frauds.