Switzerland and Germany's finance ministers on Wednesday agreed to open talks next year to resolve a bitter row over tax evasion and Swiss banking secrecy.Germany has been one of the fiercest European critics of its Alpine neighbour's banking secrecy rules in recent years, complaining that it encouraged German taxpayers to hide money in Swiss bank accounts.
Berlin (AFP) - The finance ministers of around 50 countries meet in Berlin on Wednesday to sign a deal they hope will put an end to banking secrecy and aid the worldwide fight against tax fraud and evasion.
ZURICH (Reuters) - The Swiss government agreed on Wednesday to create a legal basis that will allow its banks to settle investigations by U.S. authorities into their role in helping wealthy Americans evade billions of dollars in tax.
Swissinfo.ch charts the evolution of the long-running tax dodging dispute between Switzerland and the United States and looks at how far there is still to go before the final curtain can be drawn on the affair. The United States wound up its “Category 2” tax evasion programme on Wednesday, netting $1.36 billion (CHF1.38 billion) from 80 Swiss banks that admitted helping US citizens cheat the tax man. Let’s rewind to start with. How did the Swiss-US tax evasion row start? The US had long suspected Swiss banks of harbouring US tax cheats (as did other countries).
Switzerland — long famous for storing money and not asking any questions — has been beefing up scrutiny on banks enjoying shelter in the Alpine paradise's lax regulatory structure, Businessweek reports. And foreign private banks in Switzerland are now heading for the exits.
GENEVA (AP) — A Swiss court has convicted in absentia a former employee with international bank HSBC for economic espionage and sentenced him to five years in prison.Herve Falciani, 43, was on trial for leaking bank data that led to a worldwide wave of tax evasion probes against prominent clients with accounts in Switzerland.
Germany announced Monday that it may buy the names of suspected tax-dodgers from a Swiss whistle-blower, leaving the two countries on a collision course over Switzerland’s prized banking secrecy regulations.