February 19, 2018 / 3:05 PM / a year ago

Switzerland has not seen any major Saudi fund flows - Swiss Bankers Association

ABU DHABI (Reuters) - Switzerland has not seen any major inward or outward movement of funds from Saudi Arabia, the chairman of the Swiss Bankers Association said on Monday when asked about an increase in flows following Riyadh’s anti-corruption campaign.

“We have not observed any major movement of funds being transferred, not at all,” Herbert Scheidt told reporters during a tour of the Gulf.

Saudi Arabia detained dozens of top officials and businessmen last year and vowed to confiscate money and assets held by them, raising fears that authorities would also target Saudi assets parked in offshore centres such as Switzerland.

Reporting by Stanley Carvalho; Writing by Saeed Azhar

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