Swiss Law Makers Vote To Keep Offshore Banking Non Transparent to Uncle Sam

“The Swiss are not giving up bank secrecy without a fight.

The lower house of parliament voted Tuesday against a draft law that would have allowed the country’s banks to start sharing secret offshore account information with U.S. tax authorities.

The move keeps Switzerland’s famous bank secrecy rules intact for the foreseeable future, but creates a problem for hundreds of Swiss banks that are being barred, by law, from sharing account information.

The banks could face U.S. legal action if they continue withholding information and there is evidence proving they are helping Americans evade taxes via offshore accounts.

Switzerland is home to the world’s largest offshore banking industry with $2.2 trillion in deposits. Many account holders were attracted to its banks by the prospect of being able to hide their assets and avoid taxes in their home countries….”

Full article