Liechtenstein Will Work to `Marginalize' Tax Evasion, Prime Minister Says Nov 13, 2009
Austria and Luxembourg said last month they would veto any deal between the EU and Liechtenstein that forces them to give up banking secrecy laws and join a system of automatic exchange of tax-related data. To contact the reporter on this story: in Berlin at at. (Bloomberg -- Germany)
UBS Chairman Says Clients "Not Harmless Victims": Report Aug 24, 2009
Villiger did not expect the introduction of an automatic exchange of client data between countries in future. "If Europe took unilateral action to introduce an information exchange and also forced this on Switzerland, money would flow to Asia in a big way," he said. (ABC News -- Wire)
Under pressure, Swiss banks seek new markets Aug 21, 2009
The decline of bank secrecy has been an issue for Swiss bankers since 2002, when the European Union asked for the automatic exchange of tax information, said Alfred Mettler, an adviser to the Swiss government and a professor at Georgia State University in Atlanta. Bank secrecy will change, and over time there will be less and less untaxed money in Switzerland, especially from the US, Mettler said. (Boston Globe)
Former diplomat cites lack of clear policy Jul 27, 2009
Diplomats knew that concluding the bilateral accords with the European Union in 2004 with the agreement on tax savings and fraud was only an armistice, and that countries who paid lip service to concessions would not give up on their plan to impose an automatic exchange of information, which would mean the end of [Swiss] banking secrecy. Since 2004, Switzerland should have had a Plan B which would have come in useful when the moment arrived. (SwissInfo.org, Switzerland)
Geneva Sees Opportunity in Bern's Predicament of Conceding on Bank Secrecy Jul 3, 2009
Geneva Sees Opportunity in Berns Concessions on Bank Secrecy - Bloomberg. Updated: New York, Jul 03 04:05 London, Jul 03 09:05 Tokyo, Jul 03 17:05. (Bloomberg)
New top banker to fight for confidentiality Jun 24, 2009
Odier insisted that Switzerland was serious about increasing its transparency to foreign tax authorities, but said he would draw the line at the automatic exchange of information demanded by some states. "Further relaxation of the rules would damage not just the financial centre, but the whole way we perceive the state," he said at a news conference in Zurich on Monday. (SwissInfo.org, Switzerland)
"We do not want to protect tax criminals" Jun 19, 2009
The other question is: should there be an automatic exchange of information. This is something some advocates really want but is not the way the US wants to go forward. (SwissInfo.org, Switzerland)
Cabinet sets priorities for bilateral tax talks May 7, 2009
Brussels wants to introduce an automatic exchange of information of bank account holders within the EU and to put pressure on Switzerland, not an EU member, to follow suit. However, Austria and Luxembourg have said they oppose such moves. (SwissInfo.org, Switzerland)
OECD defends its position in tax dispute Apr 8, 2009
Image caption: OECD Secretary-General Angel Gurra (right) and EU Commissioner Laslo Kovacs explain the OECD's thinking (Keystone). The Organisation for Economic Co-operation and Development has rejected criticism that it wants to punish smaller countries, including Switzerland, in tax matters. (SwissInfo.org, Switzerland)
G20 leaders agree on global recovery plan Apr 4, 2009
Economics Minister Doris Leuthard responded on Thursday by saying Switzerland would continue to fight the automatic exchange of information about bank clients but added it was important that the Swiss financial industry was "clean" and could compete due to its "quality, efficiency and expertise". The Swiss Bankers Association regretted the greylisting, saying: "Switzerland doesn't belong on such a grey list.". (SwissInfo.org, Switzerland)
EU ambassador welcomes bank secrecy move Mar 24, 2009
M.R.: The automatic exchange of information and the taxation of interest accord belong together ... If I understand it right, Switzerland doesn't want the automatic exchange of information it wants to provide greater administrative assistance ... swissinfo: So Switzerland can't have both a taxation of interest accord with a reduced withholding tax and no automatic exchange of information. (SwissInfo.org, Switzerland)
Trillions that the world could use Mar 17, 2009
On Friday, it announced that it would exchange information with tax authorities in other countries on the basis of specific and justified requests, though it resolutely rejected any form of automatic exchange of information. Meanwhile, UBS promised to close its secret American accounts and not open any more. (International Herald Tribune -- Ed/Op)
Swiss cave in on tax evasion secrecy Mar 15, 2009
Dr Andreas Missbach, joint managing director of Swiss anti-poverty campaign group Berne Declaration, said: "This is a major and historic first step. "We have reason to celebrate, but we still demand automatic exchange of information to address profound global economic imbalances. " The world's tax havens have been rattled by a series of events that have forced them to come into the open. The global banking collapse revealed that many of the most complex debt instruments were based in offshore... (Sydney Morning Herald -- Business)
Obama to China: Don't Worry, Be Happy Mar 15, 2009
The country known for providing secret banking services announced on Friday that it would adopt the definition of tax evasion used by the Organization for Economic Cooperation and Development, although the Swiss Bankers' Association reiterated that "the privacy of foreign clients not under suspicion will continue to be protected." , who is also the finance minister, said "there will be no automatic exchange of information." Meanwhile, Bloomberg News reports that. Finally, the Wall Street Journal... (Slate)
Switzerland, Luxembourg, Austria Loosen Secrecy Rules to Fight Tax Evasion Mar 15, 2009
No Automatic Exchange ... There wont be an automatic exchange of information, but we will renegotiate a number of the 80 tax agreements that we have with other countries, Proell said at the briefing in Vienna. (Bloomberg -- Europe)
Cautious welcome to banking secrecy move Mar 14, 2009
He also welcomed the fact that the solution presented avoids an automatic exchange of data, which had been demanded by Germany's finance minister, Peer Steinbrck. "A country can simply not ask for 50,000 files all at once. The procedure must be regulated on a case-by-case basis," Pieth said. (SwissInfo.org, Switzerland)
North Koreans seek inspiration in Switzerland Mar 14, 2009
The government rejects any form of automatic exchange of information on private assets, according to Merz, who also holds the rotating post of Swiss president. "We are not laying to rest Swiss banking secrecy. It is just another step in a reform.". (SwissInfo.org, Switzerland)
Liechtenstein eases bank secrecy amid tax crackdown Mar 12, 2009
Liechtenstein does not plan to move to automatic exchange of information. It will retain bank secrecy but be more co-operative with other tax authorities when requested. (International Herald Tribune -- Health)
NEWS ANALYSIS: Global crackdown rips veil of bank secrecy Mar 3, 2009
Belgium, a little-known haven within the EU, has said it was considering moving toward automatic exchange of tax data with other EU governments. Privacy laws in Luxembourg, one of Switzerland's closest allies in Europe and an advocate of banking secrecy, have been questioned after a fraud orchestrated by Bernard Madoff engulfed some of its funds and exposed weak regulatory supervision. (International Herald Tribune -- Business)
UBS to fight US bid for client names Feb 25, 2009
UBS Chief Executive Marcel Rohner said on Tuesday he was opposed to any blanket automatic exchange of information of bank client data with foreign authorities such as the United States. "To disclose and divulge bank data: this is a conception of the world that I do not share," Rohner told Swiss television talk show Club. (India Times)
