Swiss unbowed on bank secrecy laws
Switzerland fighting foreign pressure to reform banking secrecy laws
Foreign pressure on Switzerland to overhaul its banking rules has met with
fierce resistance from the Swiss government, which is eager to protect a law
that makes it a crime for a banker to disclose client details.
Pressure is mounting on Switzerland from Germany, which is eyeing the
estimated £1,000bn deposited in Swiss banks after obtaining the bank details of
alleged tax evaders from a former Liechtenstein bank employee.
The Daily Telegraph reports that Germany is pushing for co-operation
from Swiss tax authorities, but Switzerland is defending its ground.
‘Switzerland isn’t a tax haven. The sovereignty of each state, in particular
with reference to its tax legislation, has to be respected,’ Swiss finance
minister Hans-Rudolf Merz said.