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SwissBanking
Swiss Sputter as Merkel Buys Stolen Bank Data
By William Boston - AOL NewsBERLIN (Feb. 2) – Angela Merkel is set to pay almost $3.5 million to a whistle-blower for a list of alleged German tax evaders stashing money in Swiss banks, but the German chancellor may be getting more than she bargained for. Germany's decision to purchase the list, allegedly stolen from a Swiss bank, has ignited a diplomatic row with Switzerland and a political backlash against Merkel among the rank and file of her conservative party, the Christian Democratic Union (CDU). It emerged over the weekend that the German government was negotiating with an unknown informant who claimed to ...
U.S. Lets Swiss Banking Giant UBS Off the Hook
By Joann M. Weiner - Politics DailyTraditions die hard. Since the founding of the Swiss Confederation in 1291, Switzerland has protected the privacy of its financial accounts. It may be the world's most secretive banking jurisdiction, with a vaunted ability to protect its depositors from unwanted prying. Switzerland converted this tradition to law in 1934, when it enacted its strict banking secrecy law. Revealing financial information without the client's consent is prohibited. ...
Swiss and American Cheese: Something Smells at UBS
By Bob Franken - Politics DailyThere is a phenomenal game of "Chicken" going on. It's being played in Miami, but the struggle over which side will back down is centered on the banks of Switzerland.In particular, Swiss behemoth UBS, which has asked a federal court in Miami to block disclosure of accounts held by Americans suspected of fraud -- concealing income and assets that should subject to U.S. taxes.However, the chase of possible tax cheats has collided with the legendary secrecy rules that are the hallmark of the Swiss banking system.To a large degree, this haven from disclosure has been why Switzerland has prospered ...
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