Friday, May 31, 2013

Swiss Move to End Secrecy on US Accounts

May 29, 2013

Swiss Move to End Secrecy on US Accounts

Switzerland has taken a step toward helping the United States catch wealthy investors who evade taxation by putting their money in secret Swiss bank accounts.

The Swiss government said Wednesday it would allow - but not force - banks in the Alpine nation to circumvent the country's secrecy laws and disclose the names of American account holders to U.S. authorities investigating tax evasion cases. By cooperating, the banks could avoid criminal prosecution for allegedly helping the tax evaders, but still have to pay fines to the United States.

The Swiss parliament must consider the agreement, which is expected in the next few months.

Swiss Finance Minister Eveline Widmer-Schlumpf called the agreement "a good and a practical solution" to lengthy negotiations with the United States over the country's long-standing secrecy laws on the bank accounts. But some Swiss lawmakers said Bern's negotiators caved in to U.S. demands to complete the agreement and complained about the loss of secrecy that would occur if it takes effect.


Anonymous said...

this is misinformation.
the agreement actually lets banks 'voluntarily' submit their dealings with american clients to the IRS. but no client names are given.
only bank employee names will be given responsible for these money transfers etc.

so there will be a few less swiss bankers going on holiday in the US. but no direct danger for the fat cats.

and i'm personally guessing, that after a while there will be US laws stating that you can not do business with banks who do not 'volunteer' such information. making it defacto nonvuluntary!

Anonymous said...

Why would the US go to all this trouble now especially since the IRS is supposedly going away?

Lots of mixed messages out there. Hard to know what to believe.