Categorie archief: USA

The implications of FATCA on Switzerland

For over a century Switzerland has developed its secure banking system around its commitment to privacy protection. In the recent years, this commitment has come under serious international pressure.

There was for example the purchase by the German tax authorities of bank data stolen by an employee from Credit Suisse and disclosures to US authorities by former UBS banker Bradley Birkenfeld about the bank’s efforts to target US citizens.

The US has made inroads on the Exchange of Information front and Switzerland has declared a willingness to meet or even exceed OECD standards in this area.

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