Friday, March 13, 2009

Is Nothing Sacred?

First Liechtenstein, now the Swiss?

Where will we deposit our "weekend money"? Our rainy day kitty? Don't the Swiss know that by cooperating with the OECD and the US, they've forfeited their neutrality? The Caymans are looking better all the time.

The BBC has the story:

Switzerland eases banking secrecy

Switzerland, the world's largest offshore financial centre, has agreed to accept concessions on bank secrecy.

However, while it will now abide by international rules on bank data sharing, it said it would only respond to "concrete and justified" requests.

The government added that it would still protect banking customers from "unjustified watching from abroad".

Switzerland's announcement comes after it had risked being added to a global blacklist of uncooperative tax havens.

It is estimated that Switzerland's banks hold $2 trillion (£1.4tn) of global wealth held abroad.


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