Switzerland news: Parliament clears FATCA, new top financial diplomat appointed

Swiss parliament clears FATCA deal : “In the end, the bill was accepted by a clear margin, because the members of parliament feared that Swiss banks would be effectively excluded from the US capital markets if they did not accept FATCA. Most representatives acknowledged that FATCA is a reality, whether Switzerland likes it or not.”

The Neue Zürcher Zeitung’s take is Parliament swallows Lex USA: “If each of the 200 countries in the rest of the world required a special effort to deliver financial information, as the U.S. does, the financial sector would sink into administrative chaos. Only the U.S. can afford to take an imperial position thanks to the importance of its internal market and its currency.” (original in German)

– A column on the Swissinfo.ch site argues that Switzerland is “poised to engage in an international game of poker as it strives to resolve a tax evasion row with the European Union without losing ground to rival countries as a global centre for wealth management.”

To lead Switzerland’s negotiating team, a new top diplomat has been appointed as State Secretary for International Finance and Tax matters. Jacques de Watteville – former ambassador to China – said he would defend Switzerland’s interests “with determination and fairness”.


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