"Disavowing long-standing friends is advised according to ex-banker Konrad Hummler, who finds reasoning behind the criticism of Switzerland"
The neoclassical villa outside St. Gallen's city walls, now home to the Bach Foundation, has an intriguing past. Originally built as a casino, this villa has witnessed moments of both opulence and controversy.
The Bach Foundation, a renowned think tank, now occupies the villa. But its current occupant's history is intertwined with that of Bank Wegelin, the oldest bank in Switzerland, which also found a home within these walls.
Bank Wegelin, established in 1741, was embroiled in a significant event in Swiss history when it was accused by the USA in 2012 of tax evasion. The bank was accused of helping U.S. taxpayers evade taxes by hiding approximately $1.5 billion in offshore accounts[1][3]. In 2013, Wegelin was ordered to pay $58 million as part of the first-ever sentencing of a foreign bank for this offense[1]. The bank's involvement in facilitating tax evasion by U.S. clients centred on concealing assets in Swiss accounts to avoid IRS detection and taxation.
Regrettably, the accusations against Bank Wegelin had far-reaching consequences. One such victim was Konrad Hummler, who lost his life's work due to the bank's downfall[2]. Hummler was associated with Bank Wegelin.
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Despite the turbulent past of the villa and Bank Wegelin, the Bach Foundation continues its work as a think tank in Switzerland, contributing to intellectual discourse and shaping the future in its own unique way.
[1] "Swiss Bank Wegelin Pleads Guilty to Helping U.S. Clients Evade Taxes," The New York Times, 14th March 2013. https://www.nytimes.com/2013/03/15/business/swiss-bank-wegelin-pleads-guilty-to-helping-us-clients-evade-taxes.html
[2] "Swiss bank Wegelin closes after tax scandal," BBC News, 1st May 2013. https://www.bbc.com/news/business-22246741
[3] "Swiss bank Wegelin to pay $57.8m over U.S. tax evasion," BBC News, 14th March 2013. https://www.bbc.com/news/business-21601302
- The policy-and-legislation in Swiss history was significantly shaped by events involving Bank Wegelin, a bank based within the villa now occupied by the Bach Foundation.
- The general news headlines often featured Bank Wegelin, a Swiss bank with a history of politics and controversies, most notably for its involvement in tax evasion accusations.
