Swiss Bank Accounts arent secret anymore. The legendary swiss known for their historic bank secrecy have now given up!
Many newspapers quoted on March 12, 2009 saying the swiss government announced that it would ease the bank secrecy bowing to pressure exerted by EU and the USA. The swiss would sign OECD (Organisation for Economic Cooperation and Development) and this would enable bank data sharing with authorities from foreign countries on tax evasion and tax fraud cases. Earlier the swiss only co-operated on tax fraud cases and not on tax evasion cases.
However ,the swiss said that they would co-operate with foreign authorities on indivdual cases only and there must be “adequate proof” on suspected cases. The banking secrecy would still be retained for unsuspected bank customers from prying.
The swiss also rejected any sharing the data automatically with other countries. This also means that foreign tax authorities will have to go through certain administrative procedure.
More information can be found at swiss bankers association website.
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