Background
Due to Switzerland's status as a neutral country bordering on Germany and Austria, many Jews fleeing the Holocaust deposited large amounts of money and valuables in Swiss Banks. However, when survivors' or victims' heirs tried to recover their money following the war, many faced bureaucratic stonewalling by the banks which often seemed not to recognize the special conditions which had been experienced by holocaust victims. A number of times after the end of World War II, Swiss banks came under criticism for their behaviour, particularly over the issue of the handling of dormant accounts, most of which were presumed to have belonged to victims of the Holocaust. During the next forty years, a number of rather feeble responses were undertaken. However, during the 1990s it became clear that there was a need for a more robust response to the criticism.
Read more about this topic: Volcker Commission
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