Switzerland loosens banking privacy

Press TV
Friday, March 13, 2009

Switzerland has, in accordance with the world’s ‘specific and justified’ appeals, agreed to swap banking information of suspected cases.

The government made the decision on Friday due to mounting international pressure in order to conform to global standards on financial transactions.

The former tax haven announced it will abide by the Organization of Economic Cooperation and Development’s (OECD) recent tax model that requires the convention signatories to exchange information in suspected cases of tax evasion, The New York Times reported.

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The decision came after The United States charged that the country’s biggest bank, UBS, had helped rich Americans dodge taxes hiding assets in secret Swiss bank accounts.

The Swiss government though has in a statement stressed that, “The Federal Council acknowledges that the wish of the people of Switzerland for appropriate protection of personal privacy is still firmly entrenched. For this reason, it fully endorses banking secrecy and resolutely rejects any form of automatic exchange of information.”

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The statement went on to read that the government’s measure is in bid to take the country’s name off the global ‘black list’ of non-cooperative states.

Full story here.

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