• Switzerland caving in to foreign demands to end bank secrecy.
    18 replies, posted
[img]http://news.bbcimg.co.uk/media/images/67722000/jpg/_67722516_67722515.jpg[/img] [quote]Switzerland is facing mounting pressure finally to abandon its long tradition of banking secrecy. The United States has already told the Swiss government it expects Swiss banks to provide the US authorities with automatic information about US clients. Now the European Union is demanding the automatic exchange of information too, a policy non-EU-member Switzerland will have difficulty avoiding if it wants access to Europe's financial markets. But giving up banking secrecy is likely to be a painful process for the Swiss. While other countries see the practice as a way to hide the ill-gotten profits of crime, corruption, or tax evasion, in Switzerland it is viewed as an honourable policy which illustrates the relation of trust between state and citizen.[/quote] [url]http://www.bbc.co.uk/news/world-europe-22594736[/url] [quote]"Banking secrecy is dying" Philippe Mastronardi Law professor[/quote] Awesome, less corruption.
[quote]But giving up banking secrecy is likely to be a painful process for the Swiss. While other countries see the practice as a way to hide the ill-gotten profits of crime, corruption, or tax evasion, in Switzerland it is viewed as an honourable policy which illustrates the relation of trust between state and citizen.[/quote] Then why can't they just drop international clients and keep it for naturalised citizens of their country? It doesn't take much to understand that the reason all the worlds richest people are putting billions in your secret banks is because they're hiding it from taxman, lawman, or both.
The Swiss banks did some pretty unforgivable stuff throughout WWII. I'm glad that the times might be changing.
Please do this, I just want to see all these fucktards in Gov have their funds retired/confiscated for corruption.
On one hand, I see this as a good thing - people shouldn't be able to evade taxes and whatnot by hiding assets in a Swiss bank account. On the other hand, this can be seen as a symptom on the EU's and US' growing disregard for its citizens' privacy.
I'm sorry, how is this news? It's been like this for years now, there's absolutely nothing new in that article.
[QUOTE=Proffrink;40722734]The Swiss banks did some pretty unforgivable stuff throughout WWII. I'm glad that the times might be changing.[/QUOTE] Yea protecting Jewish people's assets from the Nazis, how terrible.
This is brilliant! This opens up a whole new market!
[QUOTE=Psychokitten;40725867]This is brilliant! This opens up a whole new market![/QUOTE] We don't have any oil, and plenty of freedom, seriously, believe us! (But send money anyway, thx)
[QUOTE=spiritlol;40725760]Yea protecting Jewish people's assets from the Nazis, how terrible.[/QUOTE] [B]AND[/B] Storing valuables stolen from Jewish people by Nazi officers. They didn't care where it came from, as long as they could deny that they knew it was stolen or not.
[QUOTE=demoguy08;40722965]On the other hand, this can be seen as a symptom on the EU's and US' growing disregard for its citizens' privacy.[/QUOTE] Money isn't exactly a personal commodity. If we're talking paltry sums of personal savings for somebody who makes 40,000 a year, then yeah whatever they are entitled to some privacy. If we're talking the [I]trillions[/I] of dollars/euros/pounds, etc of personal and uninvested prospects stored within swiss bank accounts, then by all means they should have the fuck invaded out of their privacy because this is a international issue. To clarify, the copious sums of money in question are not invested into business ventures nor will they ever, it is literally money that is just sitting there in [I]personal holdings[/I], doing nothing but being hoarded for absolutely no tangible reason other than greed. At this point it's just appalling that the privacy of the swiss banking system hasn't already been torn asunder by surrounding nations, the concept of privacy on this monetary scale is fucking ridiculous, it's like trying to secretly store an elephant in a basement.
Well, I wonder which country will take over as the new "Swiss Banking Country"? 'cause if the Swiss Banks reveal their secrets I could imagine that the less-than-clean money schemes will simply use different banks to do their thing in. Also, hopefully if all that tainted money is found, the dens of the dragons will be successfully "looted" and the money returned to the people (and governments).
[QUOTE=ironman17;40728252]Well, I wonder which country will take over as the new "Swiss Banking Country"? 'cause if the Swiss Banks reveal their secrets I could imagine that the less-than-clean money schemes will simply use different banks to do their thing in. Also, hopefully if all that tainted money is found, the dens of the dragons will be successfully "looted" and the money returned to the people (and governments).[/QUOTE] Cayman Islands is really popular, as far as I know.
[QUOTE=ironman17;40728252]Well, I wonder which country will take over as the new "Swiss Banking Country"? 'cause if the Swiss Banks reveal their secrets I could imagine that the less-than-clean money schemes will simply use different banks to do their thing in. Also, hopefully if all that tainted money is found, the dens of the dragons will be successfully "looted" and the money returned to the people (and governments).[/QUOTE] The newest trend is shell corporations in the Bermuda area (hurr triangle) whose only purpose is to act as tax haven and personal "bank".
Well then that's where the money's gone now; the savvy unsavouries have probably already shifted their dosh over there.
[QUOTE=demoguy08;40722965]On the other hand, this can be seen as a symptom on the EU's and US' growing disregard for its citizens' privacy.[/QUOTE] No, it's a good way to crack down on tax evasion and fiscal fraud, AKA a whole bunch of money going into the State's coffers without actually hurting the law-abiding citizens.
Singapore was slowly taking over Switzerland's role with their private banks, now Singapore will get even richer.
[QUOTE=Satansick;40730875]Singapore was slowly taking over Switzerland's role with their private banks, now Singapore will get even richer.[/QUOTE] And then external influence will cause their banking sector to go transparent. Wash-rinse-repeat.
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