The dust is settling on the banking secrecy saga of the past few months. To those with a clear conscience, it is evident that the Swiss government's decision in March to ease its banking secrecy regime will make this sophisticated Alpine jurisdiction even more attractive than before.
Amid increasing international pressure, in particular by the United States, Germany and France, the Swiss government announced that it will adopt the standard of the Organisation for Economic Cooperation and Development (OECD) on administrative assistance in tax matters. As a result it will renegotiate its double taxation agreements with more than 70 countries. It's important to note that the core credentials of Swiss bank-client confidentiality remain intact. It is only banking secrecy that is being eroded. In practice this means that a clear distinction will be drawn between tax evasio...
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