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As the Independent Committee of Eminent Persons progressed in its work, it became apparent that a claims resolution process was necessary and that an independent claims adjudication process should be established in order to determine the ownership of long dormant accounts that have been identified by the Swiss banks or as a result of the investigative audit. Accordingly, the Committee recommended the establishment of an arbitral tribunal that would adjudicate such claims in a process that is international in character, cost-free to claimants, and fully objective and impartial. An Independent Claims Resolution Foundation was established.
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