Arab Today, arab today swiss banking secrecy in turmoil
Last Updated : GMT 22:28:36
Arab Today, arab today
Arab Today, arab today

Swiss banking secrecy in turmoil

Arab Today, arab today

Arab Today, arab today 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*

Arab Today, arab today swiss banking secrecy in turmoil Arab Today, arab today swiss banking secrecy in turmoil

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Turkey says ends its military operation

GMT 07:53 2017 Thursday ,30 March

Turkey says ends its military operation
Arab Today, arab today Wadih al-Azzazi calls for activating news coverage

GMT 19:29 2017 Thursday ,30 March

Wadih al-Azzazi calls for activating news coverage

GMT 19:21 2017 Thursday ,30 March

China's Central Bank Cuts Liquidity in Markets

GMT 10:25 2017 Thursday ,30 March

CBB organises workshop

GMT 05:12 2017 Thursday ,30 March

BSF signs deal with Saudi desalination giant

GMT 20:00 2017 Wednesday ,29 March

US dollar exchange rate stable in morning trading

GMT 11:45 2017 Wednesday ,29 March

Bahrain to host FinTech Forum2017
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today 'Underwater wasteland' worries

GMT 10:32 2017 Thursday ,30 March

'Underwater wasteland' worries
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Singer Rowida Attiya will issue a new song

GMT 07:38 2017 Tuesday ,28 March

Singer Rowida Attiya will issue a new song
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 07:50 2017 Thursday ,30 March

Breaking trans barriers one barbell

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday