The Swiss government has just announced that it’s freezing the assets of Syrian President Bashar Assad.
Obviously, that’s keeping with what the international community wants, but slowly, and slowly, by doing this (and by doing the same with other Mideast leaders) the country is chipping away at its status of being a resolute defender of private banking.
It’s kind of like making an exception to the constitution: On a case by case basis, you can defend doing it from a logical point of view, but eventually you ruin the whole basis of having a constitution.
As such, the world’s wealthy will keep slowly migrating their case to Singapore, the rising home of private banking.
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