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"The Templars fled to Switzerland where they established an international
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"a major international financial centre vulnerable to the layering and integration stages of money laundering de
185 "The Templars fled to Switzerland where they
established an international
banking system"
"Banking in Switzerland
is characterized by stability
,
privacy and protection
of clients' assets and information. The country's
tradition
of bank secrecy
, which dates to the
Middle Ages.
According
to the CIA World Factbook
, Switzerland is
"a
major international financial
centre vulnerable to the layering and integration stages of money laundering de-
spite significant legislation
and reporting requirements
, secrecy rules persist and
nonresidents are permitted to conduct business through
offshore entities and vari-
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