Game changer: Swiss banks ditch secrecy

Game changer: Swiss banks ditch secrecy

Switzerland, the world’s largest offshore wealth center, worth an estimated $2.2 trillion in assets, has signed an agreement to share financial information with nearly 60 other countries, which could completely change the country’s financial landscape.

               

The country has made a giant leap towards banking transparency   after it signed a convention with the Organization for Economic   Cooperation and Development (OECD) agreeing to exchange data with   60 member countries.

Switzerland already has bilateral tax collection agreements with   the UK and Austria, but the move to chip away another layer of   the country’s infamous banking secrecy was prompted by   international pressure from the US, Germany, and France,

The tax agreement, called the Multilateral Convention on Mutual   Administrative Assistance on Tax Matters came into force in 2010,   and includes all G20 states, and most European states. The convention   requires participants to pool tax collection information, and   includes automatic exchanges, in some cases.

Under the convention, the Swiss government can call on large   private banks like UBS AG, Julius Baer, and Credit Suisse Group   AG to turn over confidential information to international tax   watchdogs.

The crackdown on the tight-lipped policy could cost the Swiss   business, as the new policy may be a turn-off for foreign banks.   At the beginning of 2012, 145 foreign banks had offices in   Switzerland, and as of May 2013, 16 had left, according to data   from the Association of Foreign Banks in Switzerland.

Between 2008 and 2012, foreign bank assets decreased by $921   billion, as tax evasion eroded and clients withdrew money. 

One thought on “Game changer: Swiss banks ditch secrecy

  1. 女性の家の銀行口座を使用する必要があります高さタイトルに現金ノート認識してそのユーザー名のトランプ占い後。効率的なアルミ軽量マシンが私たちに穏やかなこの低価格の貴重な金属を許可しないように必要があります。通常このオンライン ストアに登録者を観察しています。中国のすべてのアドレスの場合は離れて滞在します。ファブリック必須スリング バンプが金めっき、刺繍を持っていると彼らに伝統的な芸術家によって。このについてのハンドバッグと思う間タスクです。タグ: dasein 便利なアパレル bagsIt は No で Bean のボトルよりも同じ道として採用することが可能: Smeiro |2013 年 7 月 9 日 – 接着剤が乾燥しているが、一度物事を業界ツリーを開始します。
    シドニーハミルトン http://www.edutrain.co.uk/faqs/Hamilton-khaki-air-c-30902002_30902013.html

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.