The war in Iran is having unexpected consequences, such as renewed interest in Switzerland as a financial centre. Some clients are already transferring funds, or even considering relocating, as the conflict affects a region that had promoted economic and financial stability. We cannot yet speak of an exodus. But the signs are becoming increasingly clear. “Funds are being transferred,” confirms Patrick Akiki, market leader for financial services at consultancy firm PwC Switzerland. But it takes time, he continues, because “regulatory constraints have changed. We are much stricter and the Swiss banks are doing what they need to do to ensure that cases are compliant, before proceeding with fund transfers”. He knows this from his discussions with many banks. He is not alone; other consultants have made the same observation, although they prefer not to be named. Officially, most of the banks are not commenting, preferring to remain discreet, perhaps to avoid giving the impression that …