Voluntary disclosure-bis to discover €150 billion in Switzerland

The hidden treasure by Italian citizens in Swiss banks has yet to be discovered, according to the chief prosecutor of Milan, Francesco Greco, and liquidity would amount to €150 billion, deposited in safes, in denominations of 500 euro. This note is in fact banned because it is considered instrument of money laundering by the Bank of Italy.

A large part of the amount, which estimate is the result of cross-checks between MEF, FIU, Bank of Italy and the Guardia di Finanza, would be, according to Mr Greco, mostly in Ticino.

Despite the first voluntary disclosure in 2015, through which it would be returned to Italy about €500 billion, €300 bn would still be dispersed among the various tax havens, €150 bn in cash indeed. And it is precisely the aim of the second edition of the programm to bring out this swag that it shouldn't be in the banks, but around private companies cassettes not subject to anti-money laundering regulations.

Without banking secrecy, in fact, the Swiss banks can't keep money not declared, or even unlawful or precious of various kinds.