Pressure is growing in Switzerland to pass new laws to protect the confidentiality of its banks, as a US court ruling against UBS threatens to blow open centuries of secrecy.
From the Guardian:
Pressure is growing in Switzerland to pass new laws to protect the confidentiality of its banks, as a US court ruling against UBS threatens to blow open centuries of secrecy.
Right-wing political parties in the country have started the task of amassing 100,000 signatures to hold a referendum to legally enshrine banking secrecy in its constitution.
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But the move will trigger a fight for Switzerland’s soul, with intellectuals, left-leaning lawyers and campaigners joining forces to demand the end to a centuries-old tradition to avoid becoming isolated at a time when international attempts to stamp out tax haven abuse are gaining momentum.
The debate comes in the wake of a potentially ruinous court case between UBS, one of the largest wealth managers in the world, and the US department of justice. Last week, the DoJ demanded the identities and details of 52,000 accounts held by rich Americans whom it believes may have illegally evaded taxes.
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