OUT OF MIND
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» VAERS & Vaccines: What Media Will Never Tell You! by DH Jetson/TS Caladan
Game changer: Swiss banks ditch secrecy  EmptyToday at 12:55 am by PurpleSkyz

» Astronomers Detect Rare 'Missing Link' Black Hole in Our Closest Galactic Neighbor
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 1:15 pm by PurpleSkyz

» We Are Being Prepared for a False Flag Alien Invasion
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 1:12 pm by PurpleSkyz

» UFO NEWS ~ Fiery Red Orb Over Brazil & Triangular Shaped UFO Over California plus MORE
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 12:48 pm by PurpleSkyz

» ‘How do you even trust them?’: Aaron Rodgers fires back at Biden after president orders QB to ‘get vaxxed’
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 11:24 am by PurpleSkyz

» Toronto man says Pfizer’s COVID-19 vaccine KILLED his healthy, athletic 17-year-old son
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 11:21 am by PurpleSkyz

» Canadian Truckers’ Freedom Convoy to Ottawa Is Underway
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 1:24 am by PurpleSkyz

» 100s of Published Reports of Post-Vaccine Medical Distress (Part 1)
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 1:20 am by PurpleSkyz

» Lawyers Worldwide Sue Govts at International Criminal Court for COVID Crimes
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 1:18 am by PurpleSkyz

» Dr. Domenico Biscardi Whistleblower Doctor Found Dead
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 1:15 am by PurpleSkyz

» City Suspends Vaccines for Children After 10-Year-Old Girl Suffers Heart Attack Following Pfizer Jab
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 1:09 am by PurpleSkyz

» Quadruple-Vexed Israel Breaks World Record in Coronavirus Cases
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 1:07 am by PurpleSkyz

» COPS VIOLENTLY BREAK UP KENNEDY VACCINE FREEDOM RALLY IN BRUSSELS
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 1:04 am by PurpleSkyz

» Over 1 Million Deaths and Injuries Following COVID “Vaccines” Reported in VAERS as Second Year of “Experimental Use Authorization” Begins
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 1:00 am by PurpleSkyz

» RH Negative - Is there copper in our blood?
Game changer: Swiss banks ditch secrecy  EmptyYesterday at 12:57 am by PurpleSkyz

» Antidotes for Toxins Found in COVID19 ‘Vaccines’
Game changer: Swiss banks ditch secrecy  EmptyMon Jan 24, 2022 12:18 pm by PurpleSkyz

» Protesters gather at Lincoln Memorial to rally against Biden's embattled vaccine mandates
Game changer: Swiss banks ditch secrecy  EmptyMon Jan 24, 2022 12:10 pm by PurpleSkyz

» Barrister, Richard Orme- “Vaccine Passports, Mandatory Vaccinations Are Against The Nuremberg Code”
Game changer: Swiss banks ditch secrecy  EmptyMon Jan 24, 2022 11:47 am by PurpleSkyz

» NATO’s “Space Policy” Outlines Readiness to Jointly Respond to Attacks in Space
Game changer: Swiss banks ditch secrecy  EmptyMon Jan 24, 2022 11:43 am by PurpleSkyz

» RFK Jr. Gives Historic Speech at Lincoln Memorial Today for March Against Vaccine Mandates and Medical Tyranny
Game changer: Swiss banks ditch secrecy  EmptyMon Jan 24, 2022 11:39 am by PurpleSkyz

» Carjackings soar by up to 510% in major US cities: Chicago, New York, Philadelphia and New Orleans are all experiencing ‘disturbing’ spikes in crime
Game changer: Swiss banks ditch secrecy  EmptyMon Jan 24, 2022 11:28 am by PurpleSkyz

» Assange granted the right to appeal extradition – UK High Court
Game changer: Swiss banks ditch secrecy  EmptyMon Jan 24, 2022 11:25 am by PurpleSkyz

You are not connected. Please login or register

OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » Game changer: Swiss banks ditch secrecy

Game changer: Swiss banks ditch secrecy

2 posters

Go down  Message [Page 1 of 1]

PurpleSkyz

PurpleSkyz
Admin

Game changer: Swiss banks ditch secrecy
 
 
 
 
 
 
Rate This
 
Published time: October 16, 2013 13:51
Get short URL
Game changer: Swiss banks ditch secrecy  000_par2466776.si
AFP Photo / Fabrice Coffrini
[url=http://www.addthis.com/bookmark.php?v=300&winname=addthis&pub=unknown&source=tbx-300&lng=en-US&s=tumblr&url=http%3A%2F%2Frt.com%2Fbusiness%2Fgame-changer-swiss-banking-secrecy-254%2F&title=Game changer%3A Swiss banks ditch secrecy %E2%80%94 RT business&ate=AT-undefined/-/-/52636344a80823a3/2&frommenu=1&uid=5263634469400d72&ufbl=1&ct=1&pre=http%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DpSZBxKI1wRk&tt=0&captcha_provider=nucaptcha]
[/url]
Switzerland, the world’s largest offshore wealth center, worth an estimated $2.2 trillion in assets, has signed an agreement to share financial information with nearly 60 other countries, which could completely change the country’s financial landscape.
 
The country has made a giant leap towards banking transparency after it signed a convention with the Organization for Economic Cooperation and Development (OECD) agreeing to exchange data with 60 member countries.
Switzerland already has bilateral tax collection agreements with the UK and Austria, but the move to chip away another layer of the country’s infamous banking secrecy was prompted by international pressure from the US, Germany, and France,
The tax agreement, called the Multilateral Convention on Mutual Administrative Assistance on Tax Matters came into force in 2010, and includes all G20 states, and most European states. The convention requires participants to pool tax collection information, and includes automatic exchanges, in some cases.
Under the convention, the Swiss government can call on large private banks like UBS AG, Julius Baer, and Credit Suisse Group AG to turn over confidential information to international tax watchdogs.
The crackdown on the tight-lipped policy could cost the Swiss business, as the new policy may be a turn-off for foreign banks. At the beginning of 2012, 145 foreign banks had offices in Switzerland, and as of May 2013, 16 had left, according to data from the Association of Foreign Banks in Switzerland.
Between 2008 and 2012, foreign bank assets decreased by $921 billion, as tax evasion eroded and clients withdrew money.
 
Game changer: Swiss banks ditch secrecy  000_par878170
A man walks in front of the entrance of the UBS headquarters in Zurich. (AFP Photo / Fabrice Coffrini)
The chairman of the Swiss Bankers Association, Patrick Odier, has long been outspoken against the automatic exchange of client information, and doesn’t see it becoming a norm in the banking industry. Other politicians in favor of the changes, say the banks simply need to reinvent themselves.
“The signing of the convention confirms Switzerland’s commitment to the global fight against tax fraud,” Stefan Fluckiger, the Swiss ambassador to the OECD, said in a statement adding his country has been complying with international tax standards since 2009.
The Swiss Federal Council approved the convention on October 9, the first unilateral agreement for the nation that signals the state is prepared to play a larger role in upholding international tax rules.
Until recently, the Alpine tax haven refused steps towards banking transparency, and over the summer, the Swiss parliament struggled to pass a bill to change the banking legacy., but finally agreed to comply with the US Foreign Account Tax Compliance Act, a bilateral client information swap with the US.
Almost all bankers in Switzerland have grown up with bank secrecy, which was written into Swiss law in 1934 after French authorities arrested, and confiscated a client list from two Swiss bankers in Paris in 1932.
Hot topic
The global recession has led many governments, who had long turned a blind-eye to banking secrecy, to go after individuals and companies who avoiding taxes with secret Swiss bank accounts.
Offshore wealth, shrouded in secrecy and often untaxed, has reached $8.5 trillion, according to a Boston Consulting report.
Tax evasion was a hot topic over the summer both at the G8 conference in Northern Ireland and the G20 summit in St. Petersburg.
The US has had a long-standing tax-evasion dispute with Switzerland, and over the summer, threatened $10 billion in claims if they didn’t come clean with their banking secrecy.
In 2009, UBS, Switzerland’s biggest bank, admitted to helping 52,000 American clients avoid paying taxes. In January 2013, Switzerland’s oldest private bank, Wegelin & Co., said it would close down after pleading guilty to helping Americans hide more than $1.2 billion from the Internal Revenue Service (IRS).
Over a dozen Swiss banks are said to be under US investigation.

Thanks to: http://ascendingstarseed.wordpress.com



  

Herb Lady

Herb Lady

Thanks Purpleskyz!



Take care of the land and the animals and they will take care of you!

Come visit my site at:  https://onlynaturesmagic.com/

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum