Swiss try to maintain status quo allowing tax cheaters to stay anonymous – some minor adjustments to cool down the heat
Fred Day
Mar. 14, 2009

Hans Rudolf Merz, Switzerland’s finance minister, has stressed the core of the country’s bank secrecy laws would not change, meaning customers’ accounts would remain confidential in all but exceptional cases, such as criminal investigations. What will change is some minor modifications in the way Swiss see the civil cases different from criminal cases. It will most likely be made so complicated, in minor cases people will get by.

Swiss authorities want to make it look like the move should make it easier for foreign authorities to get co-operation from Swiss counterparts, who have until now helped only with demonstrable tax fraud. In reality there will secret negotiaitions between the Swiss authorities and the foreign authorities on a case by case basis.

Germany launched a clampdown on undeclared accounts in Liechtenstein last year, widely seen as a prelude to action against Switzerland. Separately, the US has targeted UBS, Switzerland’s biggest bank. The G20 group of industrialised and developing nations is preparing to highlight allegedly unfair tax practices at its April summit.

Swiss try to maintain status quo allowing tax cheaters to stay anonymous – some minor adjustments to cool down the heat
Fred Day
Hans Rudolf Merz, Switzerland’s finance minister, has stressed the core of the country’s bank secrecy laws...
READ MORE>>

US economy deep into depression – GDP loss in 2009 can be in excess of 10%
Priya Smeltor
No one ever could imagine how the Titanic would sink.
READ MORE>>

No matter what Obama and Axelrod say, their 'Solid' Housing Plan is geared for the rich oligarchs with little for the struggling American people and families
Sunny Johar
Axelrod has the audacity to talk after the hypocricy he and his friend Obama has unleashed.
READ MORE>>

Jeb Bush ready to take on Obama – he is the new Republican Party vanguard of renaissance
James Hastings
Obama’s mistakes of letting George Bush off the hook and continuing to squander...
READ MORE>>

Swiss spurs US for protecting tax fraulant UBS clients
Tania Hirsh
The Swiss are in trouble for the first time after allowing rich and corrupt international...
READ MORE>>

Europe faces economic dark age as European leaders mounted a united front against the global financial crisis
Jeff Cantor
They are hurting in Europe. East Europeans have had enough of the western influence.
READ MORE>>

Obama wants to halve budget deficit – is he dreaming in daylight? Halve or quadruple in two years?
Kirsten Alwa
The man is the agent of hope. But hope has turned into a fiasco...
READ MORE>>

MORE ARTICLES >>