TV News LIES

Wednesday, Apr 16th

Last update07:32:10 PM GMT

You are here News International Secret's out on the Swiss bank account

Secret's out on the Swiss bank account

E-mail Print PDF

Swiss accountsThe secret Swiss bank account is no longer what is used to be.

For years the accounts were the basis of plots both real and imagined in which people hid cash to avoid the taxman or the police if the gains were from crime.

But prior to a midnight New Year's Eve deadline, many of the Swiss banks agreed to divulge to the U.S. government which Americans have accounts here to avoid prosecution on charges of helping them evade taxes.

As many as 40 of Switzerland's approximately 300 banks are reported to have said publicly that they would voluntarily hand over closely guarded client information to the Department of Justice in return for prosecutorial immunity.

After decades of facilitating, even if not explicitly engineering, the shielding of undeclared assets from foreign tax authorities, a Swiss banking industry built on a legacy of absolute secrecy on behalf of customers may start singing like a canary.

"What's really clear is that this (Justice) program is at the limit of what is tolerable for banks in Switzerland," says Sindy Schmiegel, of the Swiss Bankers Association, in Basel.

"Participation is very costly, and banks that join the plan may still face huge fines," she says. "It's important to remember that banking secrecy in Switzerland was not introduced for tax reasons."

Any adult can open a bank account in Switzerland no matter their citizenship. The banks would normally refuse entreaties from foreign governments looking to see if citizens hiding cash were among the account-holders identified by numbers.

More...


Most Recent Related Stories...


Mexican mobile phone operator sues IBM for $2.5 billion

IBM suedMexican mobile phone operator Iusacell SA de CV sued IBM Corp on Wednesday, accusing the U.S....

Ukraine's rebel crackdown begins, as Russia warns of civil war

Ukrain backlashA delayed start to Ukraine’s “anti-terrorist operation” against pro-Russian rebels appeared to give way to action...

India court recognises transgender people as third gender

India recognizes third genderIndia's Supreme Court has recognised transgender people as a third gender, in a landmark ruling."It is...

Deadly Chile fire in Valparaiso 'may burn for 20 days'

Valparaiso fireOfficials in Chile say it could take more than 20 days to fully extinguish a forest...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!