Zurich is well known as a corrupt-free zone, with international organizations ranking it among the least corrupt in the world. However, even with its impressive history, the city is still tainted by corruption, with some allegations being put forward. The sectors that have been particularly questioned is banking, where cases of money laundering have been reported by the governments, and FIFA, where people claim it’s setting an agenda for the corrupt, and greedy by taking hefty bribes.
Zurich has for a long time prided itself on its clean image, when it comes to issues to do with corruption. In fact, it’s one of the big cities of a country that has been ranked among the least corrupt globally, which is based on opinion surveys and expert assessment. When it comes to bribes, Zurich and Switzerland in general have made it to have a clean name, with Bribe Payers Index giving the country third least corrupt title in terms of tendency to pay bribes.
However, with this clean sheet, Zurich has its ups and downs just like any other county. Though corruption and bribery is not condoned here, the city is still said to be tainted by corrupt characters. There may not be so many cases, but that doesn’t mean in any way that corruption isn’t taking place. There are about 10 or so cases that have been prosecuted every year, which needs to be looked at in order to improve.
Banks of Zurich and Claims of Money Laundering
Zurich is a home to a number of international banks, with the host country even being a home to headquarters of World Bank. In the past few years, various banks in the city have come under scrutiny with people claiming money laundering is going on in secrecy. Countries such as United States, Germany, and France have argued that they are victims of financial activities in the city, and as a result have stepped up their bid to have Swiss authorities deal with the matter by cooperating to fight money laundering and tax evasion. This campaign has even in the past caused a row between German minister of finance and the Swiss parliament. The countries insist that they are losing billions annually in what they call tax evasion, as well as other illegal activities.
FIFA and Its Corrupt Allegations
FIFA, which has its headquarters in Zurich, has also been exposed as one of the corrupt inside Zurich’s network. The world’s soccer governing body has particularly come under scrutiny, when it comes to organizing latest tournaments, which include World cup. It has been reported that they cut questionable deals with bribe allegations. For instance, the 2016 Olympic Games that are scheduled to be held in Brazil, has unfolded that FIFA is setting agenda for corrupt, greedy, and loathsome economic behavior. As people are beginning to discover these allegations within the soccer governing body, many are now starting to call for its extermination, while others are saying that it should be investigated.
The government of Swiss could still up their game and work harder to provide effective measures to curb the little corruption that has tainted the country, giving it a bad name. Even though cases of corrupt individuals are rare in Zurich, there are also a few cases that have been reported in the past, especially issues to do with the banking sector and FIFA.