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According to a Swiss Banking Association Report (2006), "India has more black money than the rest of the world combined." India has stashed almost $1.456 billion in black money in Swiss banks.
Black money is income obtained by illegal activities that is not reported to the government to avoid income taxes.
See the related link for a report from the Times of Bombay.
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SteveMaybe True, Maybe False. Yes, Switzerland has been one of the preferred destinations for criminals to stash away their illegal income/black money. However these days law enforcement agencies can get details of a customers bank account if they can prove that an individual did something illegal.
Apart from Switzerland there are many places like Nevis, Bahamas etc which offer similar confidential banking services.
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