Swiss freeze over $200M in bribe money: Swiss weekly | world | Hindustan Times
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Swiss freeze over $200M in bribe money: Swiss weekly

Swiss weekly Der Sonntag reports that authorities in Switzerland have frozen 160 million Swiss francs ($203 million) in suspected bribes intended for foreign officials since 2008.

world Updated: Aug 21, 2011 14:17 IST

Swiss weekly Der Sonntag reports that authorities in Switzerland have frozen 160 million Swiss francs ($203 million) in suspected bribes intended for foreign officials since 2008.

The paper cites the federal prosecutors office as saying the funds were deposited in Swiss accounts by multinational companies for the purpose of bribing officials around the world to secure contracts. The report didn't name any individual companies.

An email to the prosecutors office on Sunday was not immediately answered.

In the past, Switzerland was a popular place for multinational companies to "park" bribes due to its lax anti-corruption laws.

Since 2000, the country has tightened its legislation to conform with the requirements of the Organization for Economic Cooperation and Development.