Swiss unbowed on bank secrecy laws
Switzerland fighting foreign pressure to reform banking secrecy laws
Nicholas Neveling, Accountancy Age 02 Apr 2008
Foreign pressure on Switzerland to overhaul its banking rules has met with fierce resistance from the Swiss government, which is eager to protect a law that makes it a crime for a banker to disclose client details.
Pressure is mounting on Switzerland from Germany, which is eyeing the estimated £1bn deposited in Swiss banks after obtaining the bank details of alleged tax evaders from a former Liechtenstein bank employee.
The Daily Telegraph reports that Germany is pushing for co-operation from Swiss tax authorities, but Switzerland is defending its ground.
'Switzerland isn't a tax haven. The sovereignty of each state, in particular with reference to its tax legislation, has to be respected,' Swiss finance minister Hans-Rudolf Merz said.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment