Swiss Secrecy: Don't Bank on It

Hiding ill-gotten loot under the Alps is getting harder

As Special U.S. Prosecutor Lawrence Walsh probes the intricacies of the Iran- contra affair, he is receiving invaluable help from Switzerland. Among the potentially incriminating documents he is studying are thousands of pages of Swiss bank records relating to Geneva accounts once controlled by Lieut. Colonel Oliver North and other alleged conspirators. The relative speed and alacrity with which Switzerland turned over the records may have surprised many Americans, who have always considered the Swiss bank account to be synonymous with anonymity and protection. Is money held in the vaults of Zurich and Geneva no longer safe from the prying eyes...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!