cloudfront

Switzerland Proposes Tax Evasion Crackdown

01 Mar 2013


Immigration News

The Swiss government has proposed legislation that would extend the reach of money laundering laws to cover tax evasion and would require banks to perform enhanced due diligence to ensure customers’ tax compliance.

The legislation, announced Wednesday, would also ban cash payments of 100,000 Swiss Francs or more and require such payments to be processed by a financial intermediary.

The announcement comes after a string of scandals involving Swiss banks allegedly hiding assets of foreign customers allowing them to avoid taxes in their home countries.  UBS AG, UBS -0.75% the nation’s biggest lender by assets, in 2009 admitted wrongdoing in helping Americans hide money from tax authorities. UBS agreed to turn over the names of more than 4,500 U.S. account holders and paid a $780 million fine. Credit Suisse Group has put aside $325 million to settle a similar U.S. probe.

The Swiss Bankers Association welcomed most of the legislation but said it opposed a proposal requiring banks to review existing customer relationships for tax compliance.

“The strategy of tax-compliant assets is forward-looking and should hinder the influx of untaxed new assets and should not be applied retroactively,” the group said in a news release Wednesday. ” Under no circumstances should it be extended to include the unilateral solution for the past.”

http://blogs.wsj.com/corruption-currents/2013/02/28/switzerland-proposes-tax-evasion-crack-down/


QUICK ENQUIRY

  •  I agree to the Privacy Policy
Two Year Canadian Dream One day when I woke ...

Sxxxxx xxxxxL
Canada

CANADA VISA ( FEDERAL ...

Really good service provided on all the steps. ...

Pxxxxx xxxxx
Australia

AUSTRALIAN VISA...

Skills assessment Approved. ...

Sxxxxxxxx xxxxxxxxxxU
Canada

ACS RESULT...

Hi, We have had a pleasant experience with Opulentus. ...

Axxxx xxxxx
Australia

AUSTRALIAN VISA...

Thanks a lot to the whole team for ...

Axxxxxxxx xxxxxE
Australia

AUSTRALIAN VISA...

Hello, The experience overall was very nice.Right from start,I ...

Gxxxxxx xxxL
Australia

AUSTRALIAN VISA...

I am writing to let you know how ...

Pxxxxxxxx xxxxxxI
Australia

AUSTRALIAN VISA...

Appropriate guidance at each and every step. Opulentus ...

Nxxxxxxx xxxxx
Australia

AUSTRALIAN VISA...

Got it within time frame of 5 months ...

Axxxx xxx
Australia

AUSTRALIAN VISA...

Thanks for your valuable and professional support in ...

Sxxxxxxxxx xxxxxxI
Australia

AUSTRALIAN VISA...

View All