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Swiss banks agree to end secrecy

  1. #1
    newprouser
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    Default Swiss banks agree to end secrecy

    GENEVA: Wealthy individuals and companies will no longer be able to hide their riches in Zurich's bank accounts now that Switzerland has
    bowed to international pressure to end the era of no-questions-asked banking.

    Under pressure from the US and other troubled economies, the Swiss government announced on Friday that it would cooperate in international tax investigations, breaking with its long-standing tradition of protecting wealthy foreigners accused of hiding billions of dollars. Austria and Luxembourg also said they would help.

    Against the background of the financial crisis, international cooperation has grown stronger, especially against tax crimes, Swiss president Hans-Rudolf Merz said.

    The decision was a hard one for the Swiss, whose renowned discretion has long attracted the wealth of famous foreigners as well as refugees fleeing political or religious persecution.

    Swiss banks hold an estimated $2 trillion of foreign money, and financial services account for about 12% of the country's GDP. According to the Boston Consulting Group, those holdings amount to one-fourth of the world's
    foreign-owned assets.

    The famed numbered accounts that do not bear the owner's name will still be available for clients willing to pay for added anonymity. But the government will now be able to demand account holders' identities in cases of suspected wrongdoing, and to share that information with foreign authorities.

    Switzerland's move comes ahead of a meeting next month in which world powers will discuss stepping up their fight against tax cheats. The greatest pressure has been on Switzerland, which has been embroiled in a dispute with the US over wealthy Americans who have stashed their money in its biggest bank, UBS AG.

    Seeking to avoid being blacklisted as uncooperative tax havens, other countries have also announced plans to open their books to foreign tax inspectors. Austria and Luxembourg said on Friday that they would offer more help on tax investigations. Over the past month, leaders have made similar promises in Singapore, Liechtenstein, Bermuda, the British islands of Jersey and Guernsey, and tiny Andorra on the border between France and Spain.

    The move comes as a fillip to British Prime Minister Gordon Brown's attempts to clamp down on tax havens at next month's G20 meeting.
    Source : TOI

    I wonder how many Indians will get caught if invesigations are carried out
    Last edited by newprouser; 15th March 2009 at 02:00 PM.

  2. #2
    rupu1983
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    I wonder how many Indians will get caught if invesigations are carried out
    I think it's a good news this type of international pressure should create lot before because this type of security most of time help the criminal so better to end such secrecy.:14: :taz: :14:

  3. #3
    kirankumargb
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    yep thats a great news.....

  4. #4
    Alligator itsmemad's Avatar
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    It was bound to happen... India is worst affected due to Swiss bank policies... Take a look here...

  5. #5
    newprouser
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    the sad part is that, its only a step towards the end (read the bolded text in the article).

    Unless the government exclusively asks for the identity, the inviduals are still able to go scott free

    and knowing the loopholes in our government and the corruption, the only way it can come is due to rivalry between people of different parties, ie if they start a blame game.

  6. #6
    Platinum Member StarK's Avatar
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    :clap: finally!!! hehehe...
    DON'T beam me up, Scotty!

  7. #7
    De WatEvaa SweetHeart aashaka_gandhi's Avatar
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    i didnt kno we topped in this one too.....!!!! i thght we topped only in corruption .....

    good info npro...!!!!! atleast we ll b able to find out....some of the names if not all.....
    Dont count wat u lost, cherish wat u ve & plan wat to gain...coz past neva returns but future may return the lost! Think-Decide-Act!!!!

  8. #8
    Gold Member Logik's Avatar
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    OMG......i need to move my money somewhere else then
    kidding

    BTW this is what the sideeffect(good) of the recession. Obama pulled the legs of the bank for disclosing the US accnts in the bank, so they can pull some $ back to the US. Eventually bank agreed to disclose majority of the accnts they have, coz of the international pressure....but i am sure this will not take place 100%. its power of the money after all. I bet there will be at least 50% + Indian politicians accnts in there.

    Now i understand y Switzerland in so rich
    BSNL Stands 4 : Bhai Sahab Nahi Lagega:D

  9. #9
    Alligator itsmemad's Avatar
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    Quote Originally Posted by aashaka_gandhi View Post
    i didnt kno we topped in this one too.....!!!! i thght we topped only in corruption .....
    Both are directly related....

    More corruption ~ More money in Swiss bank

    Quote Originally Posted by Logik View Post
    but i am sure this will not take place 100%. its power of the money after all.
    Very true my friend... World isn't governed my governments of their respective countries... World is actually governed by some handful of international Bankers...

    Watch Zeitgeist, the Movie to know more...
    Last edited by itsmemad; 17th March 2009 at 06:03 PM. Reason: Automerged Doublepost

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