Swiss Pres: No need to change Banking Secrecy

By Agence France-Presse
Sunday, April 14, 2013 10:22 EDT

Swiss President Ueli Maurer said on Sunday he saw “no need to change strategy” after fellow financial centre Luxembourg eased its bank secrecy practices.

Now is a “dangerous time for Switzerland (but) unlike Luxembourg, Switzerland is not part of the EU” and it meets Organisation for Economic Cooperation and Development criteria, Maurer said in an interview published on Sunday.

Luxembourg, home to a prized financial centre, changed tack last Wednesday in the face of growing international pressure over tax evasion, agreeing to the automatic exchange of bank account information with its EU partners from 2015, he told the Swiss weekly Le Matin Dimanche.

Banking secrecy is “comparable” to medical confidentiality, Maurer said, adding: “The state must absolutely respect the private sphere” and should not know “what there is in your bank account”.

Maurer said that Switzerland has already made concessions, noting that honouring the United States’ Foreign Account Tax Compliance Act led to the lifting of banking secrecy for US customers of Swiss banks.

Moreover, “banking secrecy no longer has as much importance as two or three years ago,” he said. “The banking centre’s strength also has to do with Switzerland’s political stability, its reliability and its credibility.”

Internal pressure, however, could force Switzerland to change position, he conceded.

When asked about wealthy foreigners who profit from Switzerland’s banking secrecy practices to avoid taxes, Maurer said: “In each system there are ways to slip through the holes of the net. We must correct these flaws.”

http://www.rawstory.com/rs/2013/04/14/swiss-president-sees-no-need-to-change-banking-secrecy/

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The U.S demanded disclosure. And got it. Though I'm sure many clients defected to the Caymans.
Anyway, no doubt the rich continue to laud that the long-standing policy will remain.

 

Can you say you're surprised though? Swiss banks know where their bread is buttered

 

Well I imagine their banking 'fees' must be ridiculously high!, lol. Happily paid, no doubt.

 

Way cheaper than taxes I bet you that but in fairness its not their fault that the US is too corrupt to actually hold these people accountable

 

Also,the Swiss banks don't want American customers anymore. The American expats had to go to foreign banks there.

 

Who don't they want Americans? Do you mean because of the Compliance Act?

 

Yes,and the banks don't want to deal with the US Government anymore. One of the oldest banks in Switzlerland closed because of it.

 

word? over 2 trillion dollars in circulation because of the US.
You better believe there are still banks foaming at the mouth to deal with the US. You guys act like this country has the GDP of Peru

 

If i had the money i would do swiss banking.

 

Hell Yeah. Doesn't get any more secure and guaranteed.

 

:smt023There it is for sure...What's up bro!!

 

Same ole, Same ole, living and grinding everyday.

Those Swiss banks don't play with secrecy of your cash stash.

 

Privacy is paramount.

 

Good to hear from you dude...Yeah if i ever get good money and able i am going Swiss ,very good system,but it seem like no good business with Americans and the Swiss right now.

 

It is going to be a while before the Swiss banks accept any new accounts from American expats.

 

I'm sure if you are of the right persuasion with the right persuasion, some serious weight, you wouldn't have a problem.