"Swiss banking as we have known it is dead," says Wharton professor Maurice Schweitzer, quoted in a recent edition of Knowledge@Emory.
"The Other Banking Drama: Those Secret Swiss Accounts" discusses a recent agreement by UBS to release client information on 250 U.S. clients. U.S. tax authorities had demanded UBS release the names of 52,000 Americans suspected of opening secret Swiss accounts to evade taxes. Although 250 is a small number, the action could still damage the trust placed in the secrecy of Swiss accounts. And if Swiss banks were to falter or fail, the global banking system would suffer more damage. The battle between U.S. tax laws and Swiss banking laws is expected to continue...
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2 comments:
well, I don't know about rejecting, I am sure that if you have enough money, every bank in Switzerland will accept you with open arms..I actually find it kind of strange that these new rules only apply for US resident. Anyone around the world can open a Swiss bank account online and with no minimum deposit
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