Swiss freeze over $200M in bribe money

Funds were deposited in Swiss accounts for purpose of bribing officials to secure contracts.

Authorities in Switzerland have frozen 160 million Swiss francs ($203 million) in suspected bribes intended for foreign officials since 2008 said a media report.

The paper cites the federal prosecutors office as saying the funds were deposited in Swiss accounts by multinational companies for the purpose of bribing officials around the world to secure contracts. The report didn’t name any individual companies.

An email to the prosecutors office was not immediately answered.

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In the past,Switzerland was a popular place for multinational companies to park bribes due to its lax anti-corruption laws.

Since 2000,the country has tightened its legislation to conform with the requirements of the Organization for Economic Cooperation and Development.

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