Arab Today, arab today swiss will be forced to give up bank secrecy
Last Updated : GMT 17:01:42
Arab Today, arab today
Arab Today, arab today

Swiss will be forced to give up bank secrecy

Arab Today, arab today

Arab Today, arab today Swiss will be forced to give up bank secrecy

Neva - AFP

Switzerland will likely have no choice but to give up its cherished bank secrecy practices amid mounting international pressure to fight tax evasion, a top scholar of banking law said in an interview published on Saturday. "I doubt that Switzerland can avoid it," Luc Thevenoz, head of Geneva's Centre for Banking an Financial Law, told the Le Temps daily, referring to the automatic exchange of banking data with foreign tax authorities. In Switzerland, banking secrecy has for decades been seen as an immutable practice aimed at privacy protection, in the same way as medical confidentiality. Although the Alpine country has recently been cracking down on undeclared funds in a bid to clear its reputation as a tax haven, it has so far stubbornly refused to consider allowing the automatic exchange of banking information. Thevenoz insisted however in Saturday's interview that the country needed to face the fact that "the situation has changed." He pointed to Luxembourg's recent about-face on its own bank secrecy policies, deciding to allow the automatic exchange of bank account information with its EU partners from 2015. An accord Switzerland was recently forced to sign with the United States allowing automatic data exchanges to ensure Swiss banks can still do business there, had also changed the playing field, he said. And Bern's bilateral agreements to ease banking secrecy for citizens of some countries have "failed to convince," he said, after the German parliament blocked its deal late last year, considering it too easy on tax cheats. "We have seen that it doesn't take much for Switzerland to be stuck with a negative image and for us to land in the same category as some offshore centres with lesser reputations," Thevenoz cautioned. "For Switzerland, which has other interests besides its financial sector, this is unbearable," he said. He warned that if the country dragged its feet before changing course, it risked landing on tax haven blacklists, as happened in 2009. Thevenoz's comments came a day after the Group of 20 economic powers called for the global adoption of standards for sharing bank account information to fight tax evasion. "It is in our interest to participate in defining an international standard (for automatic information exchange) instead of having one imposed on us," he said.

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 will be forced to give up bank secrecy Arab Today, arab today swiss will be forced to give up bank secrecy

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 15:16 2017 Sunday ,19 February

Apple to start India operations with iPhone SE

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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