We would like to ensure that you are still receiving content that you find useful – please confirm that you would like to continue to receive ILO newsletters.
29 March 2000
The ICEP identified almost 54,000 accounts that may be related to victims of nazi persecution. However, these presumed relationships are circumstantial. It has not been proved that (i) the holders of these accounts were Holocaust victims or (ii) the accounts were withheld from Holocaust victims.
This also applies to the 25,000 accounts which the ICEP has recommended to the SFBC for publication. All ICEP estimations regarding the possible current values of the identified accounts are based on assumptions and projections. There is also no evidence that accounts closed by unknown persons have been paid out to unauthorized parties.
However, the ICEP has identified at least 1,200 accounts which were owned by Holocaust victims.
The ICEP has commended the Swiss banks for their handling of Holocaust victims' unclaimed assets. It has found that there has been:
It also stated that the Swiss banks complied with their legal duties to keep files in safe custody, and generally made a good effort to cooperate with the ICEP and the auditors.
Both the SFBC and the ICEP have held that the few cases in which banks did not conduct themselves properly were partly due to an insufficient regulatory framework for handling cases concerning unclaimed assets. Each claims that this supports a federal law project in this area.
The SFBC has also welcomed the revised Swiss Bankers Association guidelines on handling unclaimed accounts, custody accounts and safe-deposit boxes, which will take effect next year.
For further information on this topic please contact Thomas Keller or Guy-Philippe Rubeli at Pestalozzi Lachenal Patry's Geneva office by telephone(+41 22 80 94 500) or by fax (+41 22 80 94 501) or by e-mail (firstname.lastname@example.org or email@example.com). Alternatively, contact Robert Furter at Pestalozzi Lachenal Patry's Zurich office by telephone (+41 1 217 91 11) or by fax (+41 1 217 92 17) or by e-mail (firstname.lastname@example.org).
The materials contained on this website are for general information purposes only and are subject to the disclaimer.
ILO is a premium online legal update service for major companies and law firms worldwide. In-house corporate counsel and other users of legal services, as well as law firm partners, qualify for a free subscription.