Probe of Nazi Loot Moves Forward

This country took a major step Monday toward lifting its renowned bank secrecy rules to allow a thorough investigation into the fate of Nazi loot and Jewish riches deposited before and during World War II.

Foreign Minister Flavio Cotti said the need for a thorough historical accounting was shown by a recent bout of speculation that Switzerland could still be hoarding tons of Nazi gold.

“There is no doubt that these accusations have badly damaged Switzerland’s image,” Cotti said after the Cabinet approved the creation of a commission of experts empowered to lift tight bank secrecy rules for an accounting of Swiss financial dealings with Nazi Germany.

It will also review how much wealth was deposited with Swiss banks and other financial companies by Jews and other victims of Nazi persecution and whether Swiss law has done enough to identify the lost assets of those killed in the Holocaust.

The commission, which could start work in April, is separate from an international panel set up by Swiss banks and world Jewish groups in May to search for lost Holocaust accounts and help return them to their legal heirs.