GENEVA, SWITZERLAND – Switzerland’s new bank notes are about to become reality after nearly 10 years in the making. The head of the Swiss financial supervisory body warns the country’s banks are at risk from new illegal funds. The Crans-Montana resort area will have a new ski area for the 2017-2018 season. Ikea has recalled two items, including one for children, and a bottle of alcohol is being recalled. Details below
New 50 franc notes out next week
The first of the new series of Swiss bank notes, the 8th series in the country’s national banking system, is the 50 franc note, which will be issued 12 April. The largest note, CHF1000, will be retained. The second in the series, the new 20 franc note, will be issued in 2017, says the Swiss National Bank in a press release this week:
“In the ninth banknote series the Swiss National Bank is breaking new ground on the design front – it is moving away from the depiction of well-known personalities altogether. Each note in the new series depicts a typically Swiss characteristic, which is then illustrated graphically using a key motif. Each characteristic is communicated via an action, a Swiss location and various graphic elements. The inspiration behind the new banknote series is ‘The many facets of Switzerland’.
The 50-franc note focuses on the wealth of experiences Switzerland has to offer – expressed by the wind, the note’s key motif.”
The bank has also published a video in German, with English sub-titles, about the new note’s security features.
Bat costume strangulation risk
Ikea is recalling a children’s bat cape costume which the federal government has deemed carries a safety risk: the velcro clasp at the back is difficult to undo and the costume carries a risk the child could be strangled. The item number is 603.116.50 and the costume name is Lattjo.
Ikea 30 March recalled another item, Gotham table lamps, because of a possible risk of electric shock risk. Anyone with the lamps should stop using them at once.
Customers can return to the products to any Ikea store for a refund.
Swiss banks move into new markets brings higher risk
Swiss banks stand a higher risk of holding dirty money from fraud and corruption as they move into new markets, says Mark Branson, head of Finma (Swiss financial markets supervisory authority). The Wall St Journal reports that Finma has been investigting “suspected money laundering involving Malaysian state investment fund 1Malaysia Development Bhd., or 1MDB, and Brazilian state-run oil firm Petrobras.”
Branson told Reuters, following Finma’s annual press conference, “We think in some ways the risks in Switzerland have risen, not fallen, and that there is more that can be done. We don’t want to see large scandals involving Swiss banks.”
Reuters notes that “Switzerland is the world’s biggest international wealth management centre with around $2.5 trillion in assets and has taken on more wealth of late from emerging markets, from which it is harder determine the origin of assets, Branson said.”
Aminona revamped ski area gets funding, approval
The Crans-Montana Aminona ski region has approved funding and will move ahead with plans to recreate the ski area linking Aminona, home to the Aminona Luxury Resort and Village S.A., to Crans-Montana’s ski runs. The resort is under construction and will be home to hotels, a spa and swimming pool centre and chalets. The new ski area redraws the ski runs, avoiding areas that are now considered prone to avalanches and rock falls, and will take skiers through a wide-open area near Colombire, which has a cheese museum and restaurant. The new area will open in 2017.