Arab Today, arab today swiss banking secrecy in turmoil
Last Updated : GMT 16:23:25
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.

arabstoday
arabstoday

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

 



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 Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Writing's on the wall for Trump, Zuckerberg

GMT 09:05 2017 Thursday ,19 October

Writing's on the wall for Trump, Zuckerberg
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
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