August 5th, 2009
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August 4th, 2009
There's been some very disappointing news over the past 24 hours leaking out of the UBS settlement negotiations indicating that the Swiss banking giant will not be forced to pay a fine in the case and will only be required to reveal roughly 5,000 names - a fraction of the 52,000o offshore UBS accounts controlled by Americans in Switzerland. If this indeed is what the final settlement includes, then it will be a sad day for justice.
Indeed the Swiss are even admitting that this settlement plan would do nothing to impart Swiss banking secrecy. From the...
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August 4th, 2009
Swissinfo.ch has an
article today detailing a movement among conservative youth in Switzerland which are petitioning in support of banking secrecy laws. From the
article:
The youth branch of the rightwing Swiss People's Party has joined a campaign to protect banking secrecy by collecting signatures for a people's initiative.
Eric Hess, president of the group, told media in Bern on Tuesday that the effort was aimed at enshrining banking secrecy laws into the country's constitution to prevent the exchange of account holder data with foreign investigators.
This past year, young people...
July 31st, 2009
Task Force member Global Financial Integrity made a couple of press appearances today. GFI Director Raymond Baker appeared in an Associated Press (AP)
article discussing the UBS case, and GFI Mananging Director Tom Cardamone
discussed the case on Canada's Business News Network (BNN).
From the AP
article:
Raymond Baker, director of the Global Financial Integrity, an organization that works to end illegal international money transfers, said it's critical that U.S. officials push for greater information sharing so tax evasion and other financial crimes can be investigated.
"What happens with the...
