Justice minister wants more oversight of commodity traders in Switzerland
Switzerland’s justice minister is calling for more oversight into the operations of commodity traders in the country.
The call comes after the release of the ‘Paradise Papers’ which show how companies and wealthy individuals use complex off.-shore accounts to avoid tax.
The minister, Simonetta Sommaruga, told the SonntagsZeitung newspaper if trading companies can’t stick to their own rules, then government oversight will be necessary.
The papers have uncovered dealings by the Swiss based company Glencore that seems to show how it could mine copper in the Democratic Republic of Congo at a quarter of the market rates.
Glencore says it complies with all tax laws in the countries that it operates.