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Famed Swiss banking secrecy replaced by financial data exchange

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posted on Jan, 2 2017 @ 11:19 AM
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The alpine nation has begun collecting data on Swiss bank accounts held by citizens of some 104 countries, and will begin sharing it with select countries from 2018.

The shift in policy comes after the ratification of the ‘Multilateral Convention on Mutual Administrative Assistance in Tax Matters,’ which came into force on January 1.

From now on, countries with which Switzerland has signed agreements no longer need to request information on their citizens’ Swiss bank accounts. Financial data will be handed over automatically

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Well, looks like it's game over for the famous Swiss banking privacy. Starting in 2018, Switzerland will be automatically handing over information on everyone's bank accounts. The reason given is to combat tax evasion, but there are much bigger things at stake here than taxes.




posted on Jan, 2 2017 @ 11:21 AM
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a reply to: trollz

I'm sure some of the wealthier people at risk of being exposed can afford to pay their way out



posted on Jan, 2 2017 @ 11:22 AM
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a reply to: trollz

Anyone that has a clue about finance knows the whole Swiss secret bank accounts dissapered years ago.

People that want there money hidden go to the UAE, Bahrain, Singapore or the virgin isles.



posted on Jan, 2 2017 @ 12:30 PM
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Just as there is more than one bank in your city there are more banking countries that will hide your money for you.



posted on Jan, 3 2017 @ 05:04 AM
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a reply to: trollz

Imho, the web of beneficial ownership of assets and companies is so thick, it would take so many resources for each government to untangle, that the account info is meaningless. Another facade that says ' We are transparent/compliant', but accomplishes nothing.




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