61340 Vorabseiten_e - Unabhängige Expertenkommission Schweiz

The machinery of Nazi legislation also specifically targeted assets abroad.
According to a law passed on 19 November 1936, all people resident in
Germany had to deposit their foreign shares with a designated German foreign
exchange bank. In order to ensure that this regulation was respected, a further
law against economic sabotage was passed shortly afterwards, according to
which flight of capital could entail the death penalty. At the same time, the
Nazi authorities subjected their victims to physical and psychological pressure
in order to force them to turn over their assets. The Swiss banks complied with
the instructions of their German customers signed at times under duress, and
transferred securities to the German banks indicated. Between 1933 and 1939
Credit Suisse, for example, transferred securities valued at around 8 million
francs to Deutsche Bank 36, while the Zurich office of the Swiss Bank Corporation
transferred securities totalling over 6 million francs in value in accordance
with the 1936 Law on Compulsory Deposits (Depotzwangsgesetz).
Furthermore, the Swiss Bank Corporation sold shares quoted in Switzerland for
a total market value of 8 million francs on behalf of German customers who
probably had to transfer these proceeds too to banks designated by the
Reichsbank. A considerable number of such transfers took place in 1936, but
transactions of this sort also continued during the war.
Even though many of those persecuted had to withdraw their assets from the
banks and despite the fact that Switzerland did not always prove to be an
entirely safe haven, persecuted Jews were still well-advised to seek a safe destination
for their assets if possible in or via Switzerland. Ever more frequently,
they opened accounts which were then managed by bank employees or lawyers.
Although the asset management mandates were seen as a problem by the banks,
they did not take any effective measures against this development. The Swiss
Bank Corporation drew up a list of such trustee accounts in November 1938 in
an attempt to gain a clear view of the situation. Other banks later followed suit
(in 1942).
After the «Anschluss» (annexation of Austria) in 1938 and the introduction of
Nazi legislation, Austrian capital and securities started to be rapidly withdrawn
from Swiss accounts. 37 The Jewish population, who was subjected to persecution
and pressure, handed over considerable assets to the Reichsbank. Some were also
forced by local authorities to declare the existence of accounts in Switzerland.
The banks transferred the corresponding amounts directly to the Nazi Treasury.
At the same time, the banks were confronted with requests from the provisional
administrators (kommissarische Verwalter) of «Aryanised» Jewish firms who
wanted to take possession of the assets of the corresponding companies. The
banks agreed on a common procedure and complied with the requests of the
Austrian administrators if they bore the signature of the Jewish company
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