Tuesday, January 7, 2014

SWISS BANKS TO LIFT SECRECY VEIL?

Swiss banking has long standing history of secrecy.Since 1934 it is a criminal
offence to  disclose the identities of the clients.This included sharing information 
with third parties such as tax agencies & foreign governments. Swiss banks are 
said to hold 27% of the world's offshore wealth holdings.

With the greater exchange of  information & increased transparency,the days of
the banking secrecy of the past appear to be numbered.It is reported number of 
Swiss banks have been forced to close their doors and over a dozen foreign banks
have closed offices in Switzerland  in the past two years.Thanks to US crackdown
on Swiss banks  to expose US clients avoiding tax and the banks that are helping 
them.

Courtesy:Global Financial Integrity & Digital Journal.

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