Jump to Navigation
Home

Main menu

  • Home
  • Latest Stories
  • Markets Map
  • Trends and Sentiments
  • Leading Topics
  • News Search
  • Comments and Analysis

Secondary menu

  • Latest News
  • Top Rated
  • Most Popular
  • Archive
  • About Us
  • The Shift: Workers of Silicon Valley, It’s Time to...
  • Tim Mullaney: Ranking Amazon, Alphabet, Apple and...
  • Armenia Heats Up As The Proxy War Continues
  • Plan for new 'Hong Kong Town' in mainland China...
  • Healthcare experts are skeptical about Amazon, JPMorgan,...
  • Britain will be forced to pay its £39 billion Brexit...
  • Second Quarter Hedge-Fund Strategy Outlook: K2 Advisors
  • Penn Virginia: Stellar Production Growth To Trigger Stock...
  • Top marginal U.S. income tax rate 1913 to 2013
  • London Markets: FTSE 100 drops after rising bond yields...

    Banking Secrecy Is Here to Stay: Buy Swiss Banks

    Tue, 02/16/2010 - 07:17 EDT - Seeking Alpha
    • CS
    • EF
    • EWL
    • Soner Kistak
    • UBS

    Soner Kistak submits: Historically, speaking; under the Swiss principle of bank secrecy, privacy is statutorily enforced, with Swiss law strictly limiting any information shared with third parties, including tax authorities, foreign governments or even Swiss authorities, except when requested by a Swiss judge's subpoena However banking is not strictly anonymous since under its banking law all Swiss bank accounts.. This law only permits a bank to share information with others in cases of severe criminal acts, such as identifying a terrorist's bank account or tax fraud, but not simple non-reporting of taxable income (called tax evasion in Switzerland).Any bank employee violating a client's privacy could be punished quite severely by law. Bilateral treaties negotiated in 2009 between Switzerland and a number of countries may weaken secrecy related to tax evasion; as did a special agreement negotiated in 2009 between the USA and Switzerland concerning clients of the bank UBS SA. This description taken from Wikipedia roughly summarizes the concept of banking secrecy and the current discussions around its current standing.Complete Story »

    • Original article
    • Login to post comments
     

    Related

    • Government steps up efforts to trace black money stashed in Swiss banks

      BERNE/NEW DELHI: Stepping up its efforts to trace black money parked abroad, India has shot off at least 20 'administrative assistance' requests to Switzerland in recent months seeking details of Indians suspected to have misused Swiss banks' famed high-secrecy walls to evade taxes.

    • US anti-tax evasion law, FATCA, starts to hit home

      Washington (AFP) - The US Treasury has opened a new front in its war against offshore tax evasion. But for some it amounts to financial imperialism.

    • 'A new offensive against Swiss banks'

      REUTERS/Arnd WiegmannGENEVA (Reuters) - Switzerland's politicians have done too little to protect the country's banks from demands for data from foreign governments, UBS Chief Executive Sergio Ermotti said in an interview published by the SonntagsZeitung newspaper on Sunday.

    • How the tax man will find out about your account

      A law effectively putting an end to Swiss banking secrecy has come into force. This report shows how bank data will be exchanged between countries. (SRF/swissinfo.ch) From the beginning of January, a new international law that introduced the automatic exchange of bank data means foreign citizens with accounts in Switzerland can expect previously secret information to be shared with their home tax authorities, and vice versa.

    • Swissleaks leaker says not planning to attend Swiss trial

    • HSBC Holdings plc (ADR) Left Tainted After Tax Evasion Scandal

      Another tax evasion scandal has risen to the surface as HSBC's CEO is being called out for harboring millions of dollars in a Swiss bank account. Based on reports, Stuart Gulliver, the CEO of Europe’s biggest bank was shielding his finances through a Panamanian company via his Swiss bank account. The act has plunged HSBC’s Swiss arm under a stream of potential criminal charges from Britain, on accounts of sheltering tax evasion practices.

    • How secret Swiss bank accounts actually work

      Secret Swiss bank accounts are infamous in the public eye, largely thanks to James Bond movies, and for getting a number of the world’s biggest lenders into hot water.

    • How to get a secret Swiss bank account

      Secret Swiss bank accounts are infamous in the public eye, largely thanks to James Bond movies, and for getting a number of the world’s biggest lenders into hot water.

    • Canadian banks face new rules as Cayman Islands accord makes it tougher for wealthy to hide money

      The Cayman Islands, known as a haven for wealthy Americans seeking to stash cash overseas without scrutiny from the U.S. government, is about to become less secret. An agreement between the countries will put in place the Foreign Account Tax Compliance Act, or Fatca. The 2010 law makes it tougher to hide money overseas because foreign banks must report their accounts to the U.S. Internal Revenue Service or face, in some cases, a 30% withholding tax.

    • The Great Global Tax Grab is Already Underway

          The world will soon be facing a tsunami of defaults on bad debts. This will include municipal or local government defaults such as the one now occurring in Stockton California, governments “defaulting” on promises they’ve made to the people (Social Security, Medicaid), a default on the social contract between society and politicians such as the one in Cyprus (a default on the notions of private property and Democracy), stealth defaults on debts in the form of inflation and finally, of course, outright sovereign defaults.

    Latest

    Armenia Heats Up As The Proxy War Continues
    Armenia Heats Up As The Proxy War Continues
    Healthcare experts are skeptical about Amazon, JPMorgan, and Berkshire Hathaway's new venture
    Healthcare experts are skeptical about Amazon,...

    Markets Map

    Markets Map

    Follow Us

    Follow Us on Facebook, Twitter, Google Plus and RSS LinkedIn Facebook Twitter Google Plus RSS
    S&P 500: 2579.37 0.16% FTSE: 7487.96 -0.07% Nikk.: 22420.08 1.82% DAX: 13465.51 1.75% HSI: 28594.06 1.22% FX: EUR/GBP: 1.1401 USD/EUR: 1.1618 JPY/USD: 114.1510 Commodities: Gold: 1276.1000

    Bullfax.com - Market News & Analysis 2008-2011
    Contact Us | About Us | Terms & Conditions

    Follow Us on Facebook, Twitter, Google Plus and RSS LinkedIn Facebook Twitter Google Plus RSS .

    Secondary menu

    • Latest News
    • Top Rated
    • Most Popular
    • Archive
    • About Us