swiss banking secrecy in turmoil
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Swiss banking secrecy in turmoil

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Swiss banking secrecy in turmoil

Geneva - UPI

The Swiss government has stirred up a hornet\'s nest with an agreement to have banks give names of employees to U.S. authorities, some politicians are saying. \"Staff members have been betrayed in an abominable fashion by their employers, who could not or would not draw thelesson that had to be learned from the UBS situation,\" said Social Democrat parliamentarian Jean Christophe Schwaab. Schwaab, who is also president of the Swiss Bank Employees Association\'s division that deals with French-speaking employees, also said Swiss banks had been playing with fire, Swissinfo.ch reported Wednesday. \"If today we are being attacked on all sides, it is because Swiss banks used tax evasion as a business model for too long, breaking the laws of other countries,\" Schwaab said. While banks in Switzerland are world famous for their strict secrecy policies, UBS bank paid a massive fine to U.S. authorities and handed names to the Justice Department and the IRS in 2009 after a whistle blower claimed he was personally charged with helping wealthy U.S. clients keep assets secret from the U.S. tax authorities. Whistle blower Bradley Birkenfeld was awarded $104 million for helping break the case but also sentenced for his part in the tax evasion activities. In 2011, U.S. authorities extended their investigation, looking at 11 other Swiss banks in an investigation that forced the Swiss government\'s hand. With banks facing the possibility of enormous fines, the government relented and agreed to hand over the names of bank employees and consultants. Many of them now fear if they leave Switzerland, they could be arrested for breaking U.S. laws, Schwaab said. \"A number of bank employees are afraid to venture outside Switzerland. Some have even been warned by the management of their bank not to travel abroad,\" he said. Politically, Swissinfo.ch said, those on the left say the industry will be better served by transparency while those on the right say the privacy laws should have been upheld. \"The state cannot choose not to respect its own laws. Law is the only weapon a small country like ours has in dealing with others. If we fail to observe our own laws on our own territory, tomorrow not just the Americans, but neighboring countries will want to impose their laws on us,\" said Yves Nidegger of the Swiss People\'s Party.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

swiss banking secrecy in turmoil swiss banking secrecy in turmoil

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

swiss banking secrecy in turmoil swiss banking secrecy in turmoil

 



GMT 09:58 2016 Wednesday ,23 March

cartoon four

GMT 10:16 2016 Wednesday ,23 March

cartoon five

GMT 10:18 2016 Wednesday ,23 March

cartoon seven

GMT 10:18 2016 Wednesday ,23 March

cartoon eight

GMT 10:08 2018 Wednesday ,24 January

Microsoft to open 4 data centres

GMT 16:07 2017 Sunday ,09 July

Dubai girl gets the perfect IB

GMT 08:46 2017 Thursday ,11 May

ISIS commits a new massacre against 17 families

GMT 21:22 2017 Monday ,18 September

Pilot accused of raping woman in Sharjah

GMT 02:24 2016 Sunday ,25 December

Iraqi forces complete clearing operations

GMT 04:51 2017 Thursday ,16 February

Oil pulls back after brief rally

GMT 08:53 2017 Tuesday ,05 September

Lakhmir Brahmani finds little relief from the sun

GMT 13:23 2017 Wednesday ,13 September

Suicide bomber kills three near Kabul cricket stadium
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice