Recent Developments in Swiss Banking Privacy
In recent years, authorities outside Switzerland have placed increasing pressure on Swiss bankers to address tax evasion issues. For example, American judicial authorities are going after individual bankers and lawyers who enable tax evasion. They are also targeting financial institutions in Switzerland, including levying fines against banks such as UBS. This approach forms part of broader efforts to seek information on tax evaders with Swiss bank accounts.
Pressure from the United States government has threatened the tradition of Swiss banking privacy. In October 2013, the Swiss government signalled its intent to sign the Organisation for Economic Co-operation and Development (OECD) convention on cross-border tax assistance. If ratified by the Swiss parliament, this move would better align banking practices in the country with other those found in other parts of the world. It would also effectively end banking secrecy enjoyed by clients of Swiss banks.
Swiss banking lawyers can help make sense of the changing banking landscape in Switzerland. With extensive experience working within Switzerland’s financial and legal systems, lawyers can provide advice on how to best invest savings and assets. They also help clients with managing funds. With the potential end of banking secrecy in Switzerland, it’s important to trust an experienced and qualified Swiss banking lawyer such as Caputo & Partners.
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