Is Swiss Banking Dead?

July 1st, 2009


Things are looking a little grim for Swiss bankers these days.

Switzerland—famous for its strict bank secrecy laws—has cut a deal with U.S. authorities to help prevent tax evasion through the Alpine country’s famous numbered accounts. Revisions to a two-way tax treaty will increase the amount of information shared between the two countries—a big deal for clients who count on the privacy of Swiss banks. According to the Swiss ministry, banks would be able to give out information in “individual cases where a specific and justified request has been made.”

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