Details of a historic settlement between the U.S. and Swiss governments over secret accounts at UBS remain, well, secret. But the case marks the biggest assault yet against Swiss banking.
I have been chased by journalists (all from outside the UK) today asking what the UK decision to force offshore banks to disclose details of account holders to HM Revenue & Customs might mean. The Swiss are particularly keen.
The honest answer is, of course, that we do not yet know.
The most likely answer is that it depends on two things – first whether the banks appeal and succeed in doing so and second how far the UK is willing to go to enforce this.
Swiss-American Chamber of Commerce CEO Martin Naville, Global Financial Integrity Program Legislative Director Heather Lowe and Campaign for Liberty Senior Vice President Jesse Benton on the U.S. striking a deal to get the names of some holders of secret Swiss bank accounts in an effort to get more tax revenue.
GFI's director of Government Affairs and legal counsel, Heather Lowe, appeared on Fox Business Channel this morning to discuss the implications of the UBS settlement. Check it out below:
