Switzerland faces sanctions over banking secrecy

June 23rd, 2009

The Guardian

Switzerland faces economic sanctions if it delays opening up its notoriously secretive banks to international scrutiny. The threat will be made today by world finance ministers in a key meeting to discuss how to broaden the crackdown on tax havens that are draining exchequers of tens of billions of dollars each year.

The meeting of finance ministers in Berlin will report on progress towards complying with new international demands on tax transparency following the G20 summit in London in April. Failure to comply will be greeted with “hostility” warned one official. Unlike at London, Switzerland has been invited to attend.

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