Swiss banking secrecy still holds: President Merz
Swiss banking secrecy is still the rule despite international pressure for greater transparency, Switzerland"s President and Finance Minister Hans-Rodolf Merz said today in an interview. - SBI to increase presence in the USA, UK and UAE - IDBI Bank lowers PLR to 12.75% - UBS appoints Chi-Won as Chairman and CEO of Asia Pacific - NEWSALERT: UBI reduces PLR by 25 basis pnts - Bank of India to raise Rs 13,000 cr - Citibank posts 24% rise in total revenues">Citibank posts 24% rise in total revenues "As far as banking secrecy itself, nothing has changed compared with the past, nothing will be eased," Merz told the Frankfurter Allgemeine Zeitung newspaper. "There will just be closer international collaboration," he added. Switzerland was included by the Organisation for Economic Cooperation and Development (OECD) in a "grey list" of countries deemed to be uncooperative on tax havens earlier this year. Also under pressure from the G20 group of advanced and emerging economies, Berne now expects to ratify tax agreements this year to conform with OECD standards on information exchange, a move that would see it taken off the list. A total of 23 countries have said they would renegotiate accords on double tax imposition with the Swiss Confederation. To date, six countries have done so, Denmark, France, Mexico, Norway, the United States and a nation that was not identified by Swiss authorities. The influential Swiss Bankers Association said Monday it had named private banker Patrick Odier as chairman. He was quoted as saying that "protecting financial privacy in terms of data protection for all bank clients will remain an important responsibility for us as Swiss bankers in future." Switzerland has traditionally boasted of its bank secrecy rules but the worst global slump since the 1930s sparked by a financial sector collapse has put a fresh focus on the need to mitigate risk through greater transparency.Payday cash loan commented:
Bank secrecy (or bank privacy) is a legal principle in some jurisdictions below which banks are not allowed to offer to authorities personal and account information about their customers unless assured conditions apply.
10.10.2011
Payday Loans commented:
Swiss banking issue has really shaken the trust of every middle clss and low class people.I think swiss bank should support the rule of transparent and should disclose it\'s details so that culprit can be penalised.
16.12.2011
QuickQuid commented:
Swiss bank is very much famous for the kind of banking habits they follow in their country and there is lot more pressure on them for leaking the secrecy or tha name of account holder.
04.01.2012
same day payday loans commented:
According to President of Swizerland Swiis banks will provide secrecy for their clients with presurre on the banks from their clinets
24.02.2012
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03.03.2012