An economic war has broken out between Switzerland and the rest of the world after the crackdown on Swiss banking secrecy, according to one of Geneva’s leading private bankers.
An economic war has broken out between Switzerland and the rest of the world after the crackdown on Swiss banking secrecy, according to one of Geneva’s leading private bankers.
Yves Mirabaud, a managing partner at Swiss private bank Mirabaud, told the Financial Times that nothing was easier than dodging tax in the US and UK.
In rare public comments, the Swiss private banker said: “There is a feeling in the banking community, and also in the population . . . that we are in an economic war.
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There is nothing easier than doing tax evasion in the US. Look at Delaware companies or trusts in the Channel Islands.”
Mr Mirabaud portrayed Switzerland as a country picked on by bigger rivals: “It is more than simply fighting against tax havens. Switzerland is a small country. It is not powerful.”
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