[24 Heures, Switzerland]
Le Temps, Switzerland
Wake Up. Swiss Bank Secrecy is Under Threat!
"A frontal attack carried out
against the heart of Switzerland's Financial Center, which in certain circles
had been suggested for years - has become a political reality."
By Pierre Veya
Translated By L. McKenzie Zeiss
February 25, 2009
Switzerland - Le Temps - Original Article
(French)
After legitimate anger against
the methods used by the American justice system to shatter bank secrecy and
circumvent the agreement between U.S. tax authorities and UBS, Switzerland must
revive its spirits. [UBS, Switzerland's largest bank, paid $780 million in
fines and agreed to hand over to the IRS client data on 250-300 customers to
avert criminal proceedings relating to a tax evasion investigation. But now the
U.S. is pushing to look into UBS' records at its other 52,000 American clients 
]. A frontal
attack carried out against the heart of Switzerland's Financial Center, which
in certain circles had been suggested for years - has become a political
reality.
[Editor's Note: According to Bloomberg
News today, UBS bankers came to the U.S. by the dozens to pitch the
Zurich-based bank as a haven from taxation, a former banker has admitted.
Carrying encrypted laptops, they helped customers create sham structures,
advised them on avoiding U.S. reporting requirements or referred them to people
who would. The feds figure almost $18 billion was hidden in offshore UBS
accounts in recent years .]
Let us not feign the surprise
of the good student. Several analysts have proposed the opening of a discussion
on "bank secrecy" - not to abandon it, but to include it in a vision
that reconciles our interests with those of nations that grant tax
authorities the right to look directly at the property and wealth of their
citizens. For a long time - too long - the [Swiss] Finance Ministry, banking
associations and a broad cross-section of the political class thought that we
might find a way to parry the attacks. Clearly [it was thought], there was no
need to open Pandora's Box.
Posted by
WORLDMEETS.US
Undoubtedly, the temporary
agreement (this is often forgotten) negotiated with Europe on the taxation of
savings has comforted us with the idea that we could escape an ultimatum as
dangerous and brutal as the one just issued by the United States against our
legal system. We had even proclaimed to the world: "Swiss bank secrecy is
not negotiable." And yet, here we are constrained to imagine how to
negotiate its future.
CLICK HERE FOR FRENCH VERSION
[Posted by
WORLDMEETS.US February 26, 1:15pm]
