Swiss Politicians seek to block automatic exchange of banking information with developing countries

Could we be seeing a return to the bad old days of Swiss Banking?

Tax Justice Network: A right wing party in Switzerland, the Swiss People’s Party, has launched an assault on the automatic exchange of banking information, according to Swiss Daily Newspaper Tages Anzeiger.

Starting next year, Swiss Banks will need to inform tax authorities in 38 countries if one of their citizens opens up an account with the bank. The 38 are mostly members of the EU with a few other developed countries.

The SVP, which is the largest single political party in the Swiss Parliament, and a member of the governing coalition, is seeking to stop Automatic Information Exchange being extended to a further 41 countries.

Their argument is that many of these countries are corrupt and say...... The link Tax Justice Network