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Swiss Bank Secrecy in Toughest Test Since Nazi Gold

Posted By admin On December 11, 2008 @ 5:03 am In Money Watch | Comments Disabled

Reuters [1]
Thursday, Dec 11, 2008

More than a decade after holocaust survivors won compensation from Swiss banks for emptying Jewish accounts that had lain dormant since the war, the pressure is on again to dismantle Swiss banking secrecy.

This time, the tax collector is leading the charge.

With Washington joining Germany to press for an end to a code they believe helps tax dodgers, many see it as only a matter of time before the Swiss lift the cloak guarding the secrets of the world’s wealthy.

“The challenge to bank secrecy is a thunderstorm which has been brewing since the holocaust money,” said Sebastian Dovey of consultancy Scorpio Partnership. “It is a hot potato and I don’t think the heat is going to be turned down.”

(ARTICLE CONTINUES BELOW)

Nearly one-third of wealth kept abroad globally is in Swiss banks: the Swiss Bankers Association and consultants estimate this at $2.2 trillion, making the Alpine state the globe’s biggest offshore centre ahead of Britain and Luxembourg.

But its code of secrecy — which local myth inaccurately claims was introduced to protect fleeing Jews — is as controversial as it is protective.

Full article here [1]


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URL to article: http://www.prisonplanet.com/swiss-bank-secrecy-in-toughest-test-since-nazi-gold.html

URLs in this post:

[1] Reuters: http://www.cnbc.com/id/28171003

[2] Swiss Franc Collapses 7% Against the USD, EUR and Gold – Swiss National Bank to Fix CHF to EUR and Debase Currency: http://www.prisonplanet.com/swiss-franc-collapses-7-against-the-usd-eur-and-gold-%e2%80%93-swiss-national-bank-to-fix-chf-to-eur-and-debase-currency.html

[3] Swiss Secrecy Onslaught May ‘Criminalize’ Elites, Hummler Says: http://www.prisonplanet.com/swiss-secrecy-onslaught-may-%e2%80%98criminalize%e2%80%99-elites-hummler-says.html

[4] Swiss fear more pressure on bank secrecy after Obama win: http://www.prisonplanet.com/swiss-fear-more-pressure-on-bank-secrecy-after-obama-win.html

[5] Oldest Swiss Bank Tells Clients to Sell U.S. Assets or Leave: http://www.prisonplanet.com/oldest-swiss-bank-tells-clients-to-sell-u-s-assets-or-leave.html

[6] THEY DID IT: Swiss National Bank Makes Epic Intervention Move, Sending The Swiss Franc Plunging: http://www.prisonplanet.com/they-did-it-swiss-national-bank-makes-epic-intervention-move-sending-the-swiss-franc-plunging.html

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