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  1. Wealth
March 4, 2009

Reuters: Switzerland needs to co-operate

By Spear's

GENEVA, March 3 (Reuters) – Switzerland must increase its cooperation with foreign countries on tax cheats to avoid being made the “scapegoat” at the Group of 20 (G20) meeting next month, a Swiss financial expert warned on Tuesday.

GENEVA, March 3 (Reuters) – Switzerland must increase its cooperation with foreign countries on tax cheats to avoid being made the “scapegoat” at the Group of 20 (G20) meeting next month, a Swiss financial expert warned on Tuesday.

However, the Alpine country — fighting to preserve its tattered bank secrecy and status as the world’s biggest offshore centre — must join forces with other financial centres with a tradition of protecting their tax-dodging clients, said Cedric Tille, international economics professor at the Graduate Institute in Geneva.

“Switzerland must come up with concrete proposals to avoid being the scapegoat of this (G20) summit,” Tille, a former senior economist at the Federal Reserve Bank of New York, told Reuters. “We have to make a common stand and avoid shooting ourselves in the foot.”

To read the full story, visit reuters.com
 

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