Monday, November 05, 2012

Is Switzerland's famed bank secrecy finally crumbling?

In ZURICH — For decades, Switzerland was the place where money went to hide. Cash sent to its mountain aeries was protected by some of the strictest secrecy laws in the world.

But with the euro crisis forcing Switzerland’s revenue-starved neighbors to search out new sources of money, the Alpine country’s bank vaults are suddenly looking irresistible. In recent months, the nation’s strict banking secrecy has been under assault from countries such as Germany and Britain as never before. Experts say the last veils may soon be dropped altogether, bringing the hush-hush tradition to an end.
Read the rest here.


Stephen said...

One more greedy grab of wealth redistribution, with the brokers - aka politicians - skimming off the bulk while buying votes cheaply on the rest.

Anastasia Theodoridis said...

Ditto what Stephen said.