Switzerland has not seen any major Saudi fund flows: Bankers Association

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. Saudi Arabia detained dozens of top officials and businessmen last year and vowed to confiscate money and assets held by them, raising fears that authorities would also target Saudi assets parked in offshore centres such as Switzerland.

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.