India threatens Swiss regulator |
Switzerland`s topmost financial sector watchdog FINMA has said that India has threatened to launch criminal investigations if the Berne-based agency did not share details of unaccounted money stashed in secret bank accounts. Germany, France, Belgium and Argentina have followed the US in launching high-profile criminal investigations, while Israel and India are threatening to do so, Swiss Financial Market Supervisory Authority or FINMA said in its latest annual report. The agency declined to share specific details about India`s communication with the Swiss regulator, but obliquely hinted that if found to have violated laws, it was open to crackdown on banks for hiding information.
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