What happens to the assets that are lying dormant in bank accounts around the world? Many accounts – where the funds may be forgotten or where the account holder may be deceased – can be used, especially for charitable purposes. But when can an account be designated as dormant, what is included in inactive assets and how much money is in these accounts?
A decade or so ago, Swiss banks attracted the headlines with regards to unclaimed assets in the form of money and property dating back to World War II and Nazi Germany. Estimates stretched to $60bn. Today the issue focuses on bank accounts all over the world and how funds can be better used.
