Unchecked empires: Who watches Geneva’s million-franc foundations?

Wealthy donors come from around the world to create their non-profit foundations in Geneva, where they benefit from a flexible legal framework.  Where does their money come from, and where does it go? It is the job of supervisory authorities to find out. But Geneva’s philanthropists could easily slip through the system’s many cracks. Part 2: Who monitors Geneva’s foundations and why that matters In Geneva, two authorities are in charge of monitoring foundations: the Federal Supervisory Authority and the Cantonal Supervisory Authority.  Foundations report either to one or to the other, depending on the area they cover. Structures that operate nationally or internationally are supposed to report to the federal authority. Those that work locally should be attributed to the canton. However, the goals declared by foundations are flexible, and this logic can be manipulated to best serve the donors’ interest. “For example, some foundations declare a national or international scope in ...