Era of bank secrecy ends as Swiss start sharing account data | Reuters
'ZURICH (Reuters) - The era of mystery-cloaked numbered Swiss bank accounts has officially come to a close as Switzerland, the world’s biggest center for managing offshore wealth, began automatically sharing client data with tax authorities in dozens of other countries. '
'About 7,000 banks, trusts, insurers and other financial institutions registered with the FTA collect data on millions of accounts and send them on the Swiss tax agency. '
'This lets authorities check whether taxpayers have correctly declared their foreign financial accounts. '
'The annual data swap will expand next year to about 80 partner states, provided they meet requirements on confidentiality and data security. '
'The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes reviews states’ implementation of the accord. '
[–] daskapitalist ago
The Swiss are cowards who lack the spine to tell governments to pound sand.
[–] european 0 points 1 point 1 point (+1|-0) ago
Trusts and offshore havens still exist