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GAAP.RUNewsSwitzerland won’t disclose any more of “bank secrecy”

Switzerland won’t disclose any more of “bank secrecy”

Publication date: 3 September 2010

Switzerland refuses to provide any more support to other countries claiming that their citizens used to hide their funds from taxation with accounts in Swiss banks if that information comes from stolen databases or other not-so-legal resources.

Although the National Council of Switzerland approved transfer of information on several thousand of UBS bank’s clients to the United States, the country won’t disclose any more of bank secrecy despite the existing information exchange agreements if information on suspected clients comes from illegal sources like stolen client databases of the HSCB bank.