Switzerland’s Neue Zürcher Zeitung reports on growing interest from Russians in placing their funds in Switzerland.
Guernsey – population 65 thousand – was recently reported to be eighth worldwide in number of Foreign Financial Institutions registered under the US Foreign Account Tax Compliance Act (FATCA). FATCA, which became law in March of 2010, requires foreign financial institutions (FFIs) with US clients to register with the IRS.
Which countries have registered the most Foreign Financial Institutions under FATCA so far?
On Monday this week, Credit Suisse pleaded guilty to tax evasion in the US and was fined a record 2.5 billion USD. However, the bank will keep its license, no client data will have to be handed over to the authorities and the top management will not be affected.
This is a sample of the extensive coverage in Swiss media:
“The large number of Dutch “zwartspaarders” (people using foreign bank accounts to avoid taxes – literally “black savers”) who have come forward to the authorities has meant an unexpected windfall of almost half a billion euros. Six thousand tax avoiders have reported three billion in illicit wealth since September, according to new numbers from the secretary of finance. The tax authorities expect revenues of a cool 450 million euros.”
The Neue Zürcher Zeitung has a revealing article about how Swiss private banking has changed over the years. Based on anonymous quotes from former bankers – some of which sound a bit too perfect e.g. “My job has become a nightmare” – it presents a stylized, mostly uncritical narrative (this is also pointed out by the first comments below the article).
Key extracts and selected quotes:
An article in the Neue Zürcher Zeitung provides a Swiss perspective on the City of London’s position regarding the EU:
“The City of London wants to remain part of the EU, even if the EU doesn’t manage to implement reforms. The Financial Centre is thus diametrically opposed to the governing Conservatives”.