Senate Vote Lays Groundwork To End Banking Secrecy

[MachineGhost]

[quote=http://www.swissinfo.ch/eng/politics/da ... y/41813770]The Swiss Senate has sealed the end of banking secrecy for foreign clients, following the House of Representatives in accepting the legal groundwork for the automatic exchange of information.

The decision paves the way for a “decorous funeral for tax secrecy,” as senator Roberto Zanetti of the leftwing Social Democrats put it, encouraging acceptance of that fact “with neither loud lamentations nor loud hurrahs”.

On Wednesday, the Senate followed his advice by accepting the framework for automatic data transfer without further debate, with only four votes against, all from the conservative right Swiss People’s Party.

Currently, Switzerland sends data about tax evaders to foreign governments and institutions upon request only. However, the latest decision by the Senate makes it possible for such information to flow automatically to certain countries, among them Australia and the 28 European Union nations, with whom Switzerland has already concluded automatic exchange agreements. Switzerland has already signed a similar information exchange deal with the United States – the Foreign Account Tax Compliance Act (FATCA).[/quote]

[Libertarian666]

The Swiss Senate has sealed the end of banking secrecy for foreign clients, following the House of Representatives in accepting the legal groundwork for the automatic exchange of information.

The decision paves the way for a “decorous funeral for tax secrecy,” as senator Roberto Zanetti of the leftwing Social Democrats put it, encouraging acceptance of that fact “with neither loud lamentations nor loud hurrahs”.

On Wednesday, the Senate followed his advice by accepting the framework for automatic data transfer without further debate, with only four votes against, all from the conservative right Swiss People’s Party.

Currently, Switzerland sends data about tax evaders to foreign governments and institutions upon request only. However, the latest decision by the Senate makes it possible for such information to flow automatically to certain countries, among them Australia and the 28 European Union nations, with whom Switzerland has already concluded automatic exchange agreements. Switzerland has already signed a similar information exchange deal with the United States – the Foreign Account Tax Compliance Act (FATCA).

So it doesn't affect Americans. But it still sucks.

[MachineGhost]

So it doesn't affect Americans. But it still sucks.

I think that's because there is no secrecy for Americans anymore due to FATCA.  I guess the rest of the parasites wanted in on the gravy train!

Culturally, I believe Europeans are just not as forthcoming as Americans are in voluntary disclosure in regards to tax matters (gee, I wonder why!) so they need a higher standard.