Switzerland will likely have no choice but to give up its cherished bank secrecy practices amid mounting international pressure to fight tax evasion, a top scholar of banking law said in an interview published Saturday.
"I doubt that Switzerland can avoid it," Luc Thevenoz, head of Geneva's Centre for Banking an Financial Law, told the Le Temps daily, referring to the automatic exchange of banking data with foreign tax authorities.
In Switzerland, banking secrecy has for decades been seen as an immutable practice aimed at privacy protection, in the same way as medical confidentiality.
Although the Alpine country has recently been cracking down on undeclared funds in a bid to clear its reputation as a tax haven, it has so far stubbornly refused to consider allowing the automatic exchange of banking information.
Thevenoz insisted however in Saturday's interview that the country needed to face the fact that "the situation has changed." Full story...
Related posts:
"I doubt that Switzerland can avoid it," Luc Thevenoz, head of Geneva's Centre for Banking an Financial Law, told the Le Temps daily, referring to the automatic exchange of banking data with foreign tax authorities.
In Switzerland, banking secrecy has for decades been seen as an immutable practice aimed at privacy protection, in the same way as medical confidentiality.
Although the Alpine country has recently been cracking down on undeclared funds in a bid to clear its reputation as a tax haven, it has so far stubbornly refused to consider allowing the automatic exchange of banking information.
Thevenoz insisted however in Saturday's interview that the country needed to face the fact that "the situation has changed." Full story...
Related posts:
No comments:
Post a Comment