Swiss Law Revealing Bank Deposits of Nazi Victims Effective in April
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Swiss Law Revealing Bank Deposits of Nazi Victims Effective in April

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A recently adopted Swiss law, ordering banks in Switzerland to disclose the names of holders of secret accounts identified until now only by coded numbers, will go into effect about April 10, the Israel Foreign Ministry announced here today.

The Ministry made the announcement in reply to inquiries by Israeli residents as to the date when they might apply to Swiss banks for the disclosures authorized by the new law. Jewish organizations that have pressed for the adoption of the new Swiss law have claimed there may be valuables and money amounting to hundreds of millions of dollars in Swiss banks, deposited there by Jews who had fled the Nazi regime during World War II. who had perished during the Nazi holocaust.

When the identity of the original depositors is revealed, heirs will be in a position to claim the money or valuables. The Ministry requested persons concerned not to file claims until the law becomes effective and means for implementing the new law are made public by Swiss authorities.

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