Forty years ago Switzerland froze the assets of toppled Philippine president Ferdinand Marcos under dramatic circumstances. This move marked a turning point in how Switzerland deals with assets belonging to politically exposed people. March 24, 1986, started as a quiet day in Bern. It was a Monday, and the Swiss parliament’s spring session had just wrapped up. The only flurry of activity came from the Federal Palace and Bern’s townhall, where preparations were underway for the official reception and state banquet for Finnish president Mauno Koivisto. In strict confidence and with great urgency, the chief legal adviser of the Schweizerische Kreditanstalt (SKA) – the major bank later known as Credit Suisse, which has since collapsed – phoned the Federal Banking Commission (FBC), the supervisory authority overseeing Swiss banks. The banker alerted the Banking Commission that Marcos, who had fled to the United States, had attempted to withdraw a large sum from the SKA through a trusted …