The winds of change reveal a secret as long as 200 years for banks Switzerland



Brighten a star for as long as Switzerland as a preferred destination for the world’s rich being a center of banking secrecy they seek, but the winds of change blew in 2008, when he offered the American Federal Bureau of Investigation request for investigation with the bank UBS about his help Americans clients evade billions of dollars in taxes.
Was later expanded the scope of the investigation to include 12 American Swiss banks, while the income of some 100 Swiss wealth managers Voluntary Disclosure Program of the Ministry of Justice, the American end of last year.
These developments led to the signing of an agreement with Switzerland Organization for Economic Cooperation and Development, which allows the Swiss government claim private banks to disclose confidential information to the tax authorities the world.
And pushed these variables elite of Swiss private banks to give up one of the most important characteristics that famous, namely the unlimited liability that holds employers responsible for repayment of deposits banks of their own money, even if the bank’s exposure to any shocks.
Since the beginning of this year, included this change three Swiss banks are Pictet and Lombard Odier and Mirabaud did not stop these banks when changing its organizational structure, but began to disclose its financial results for the first time in its history, which spans more than 200 years, although it is not obliged to it being a private, the latter came variables in models of banks after the collapse of the oldest Swiss bank Wegelin last year after a fine assist as a result of more than 100 Americans to stash 1.1 billion dollars over 10 years, but how these variables are translated in numbers?
According to PricewaterhouseCoopers Swiss banks lost about 383 billion dollars of foreign customers during the past six years, where withdrew 110 billion dollars on the part of customers to pay fines for their governments, and 273 billion dollars diverted to other financial centers.
Not only that, but pushed the variables of foreign banks to close its operations in Switzerland.
According to the Association of Foreign Banks in Switzerland has been closed 16 banks between early 2012 and May 2013, leaving 129 foreign banks. The assets of foreign banks operating in Switzerland has fallen by more than 920 billion dollars between 2008 and 2012, however, remain Switzerland by far the largest financial centers, as it embraces nearly $ 2.2 trillion of assets, while the study estimates Boston Consulting that the funds that are subject to confidentiality and evade tax in the accounts of “offshore” globally up to 8.5 trillion dollars.


Please enter your comment!
Please enter your name here