24-Jan-14
Over the years , the account is a plot of both real and imagined , people hiding in cash to avoid tax officials or the police , if the income is the basis from crime.
But before the deadline of midnight on New Year's Eve , many Swiss banks have agreed to disclose to the U.S. Government of Americans have this account , in order to help them avoid charges of tax evasion prosecution .
Since many Swiss banks was 40 to about 300 , according to reports, has publicly stated that they will take the initiative to protect customer information strictly handed over to the Justice Department prosecutors in exchange for immunity .
After decades of convenience , even without explicit engineering , foreign tax authorities unmasked asset declaration , based on absolute secrecy Swiss banking heritage on behalf of clients may start singing like a canary .
"What is really clear is that the ( judicial ) procedure is restricted in what can be tolerated in Swiss banks , " Cindy Schmiegel Swiss Bankers Association , said in Basel .
"Participation is very expensive , and banks to join the program still could face a hefty fine , " she said. "It is important to remember that in Swiss bank secrecy does not introduce tax reasons ."
Any adult can be in Switzerland , regardless of their citizenship to open a bank account. Banks usually refuse to plead from foreign governments wanted to see if people conceal cash to determine the numbers of the account holder .
This prompted accusations Switzerland is aiding and abetting a crime. But the Swiss Bankers Association insisted that anonymity is not from their obligations exempt account holders to respect what the Swiss Bankers Association refers to as " the home country to provide legal provisions on cross-border business."
As regards the confidentiality of the account , it is true, according to the financial information disclosed to a third party law does not allow disclosure of Swiss banks . However, the bank must pay attention to the account holder 's identity. Accordance with Swiss and there are many civil and criminal law , allowing banking secrecy is lifted.
Clive Church , Switzerland, UK politics professor at the University of Kent , said traditional financial discretion in Switzerland can be traced fairly accurately to 1934 , when it was forged into law the results of the French and German agitation .
"You often hear that it was introduced to protect the money of the Jews from the Nazis , " the church said. "It could happen at first, but it actually appears as the Weimar Republic and the Third governments are very concerned about the large leakage money to Switzerland , because the two of them , for various reasons , political instability ."
In this regard , the church said , Switzerland , with its stable social and developed banking sector decided to criminalize , in violation of strict financial secrecy laws .???things concealed concept as the cornerstone of the nation's cultural identity .
" But that has changed. Industry has realized that you can not just sell yourself on a confidential basis , you have to have other services , as well as the" Church said.
Secrecy laws began in earnest in the crack below , in 2009 the withdrawal of a widely accepted opposition organization in Switzerland , tax returns for Economic Cooperation and Development Act first financial crisis.
The convention resulted in Swiss banks were allowed to provide some information to foreign tax authorities , but only for a specific and compelling reason. In other words , if there is a solid basis to suspect foul Bank will review the request for information as the account holder in case-by-case basis on .
2009 , UBS, Switzerland's largest bank , agreed to pay a fine of $ 780 million with the U.S. Internal Revenue Service to conceal the alleged identity and assets.Are inviolable secrecy losses will hurt Swiss banks , accounting for 10% of the gross national product of Switzerland , remains to be seen .
The Wall Street Journal reported in December , many Swiss banks put pressure on the U.S. account holders to make sure they do not hide anything, so as not to affect their amnesty deal with the U.S. Department of Justice . In some cases the bank to freeze the account , unless the customer can prove what is inside has been declared to the IRS.
"Some people think that if they close or move your account , they will not be found, but that is not the case, " the law firm partner William Sharp Sharp told the magazine . "Now the IRS detection account only a matter of time ."
In Ernst & Young , a financial services company to a recent report , about two-thirds of respondents Swiss banks are said to be experiencing a "major concern " at the end of the tax dispute attempt. Most expect any future settlements to have a negative impact on the banking sector.
Switzerland, meanwhile, pushed back , and have launched a probe into former UBS banker on U.S. clients violate Swiss law disclosure of information , under the Office of the Attorney General of Switzerland confirmed cases in the United States today .
This week marks the beginning of the World Economic Forum in Davos , where more than a few of the world 's richest people participated in Swiss accounts or may have two Swiss mountain resort. The forum has been set how the traditional banking secrecy gone, Switzerland can reinvent yourself discussions.
"Swiss bankers accept that they live in a new reality , " Bruno Patusi, wealth and asset management department of Ernst & Young , is headquartered in Zurich said.
"But we can only see a change in some respects . Confidentiality is still very important, it is true, we see liquidity ( Switzerland ) out , but this is partly because spending than saving more interested in the next generation . "
Meanwhile, as long as the relevant public 's imagination , to deposit a lot of money with little expectation of local discovery Swiss bank accounts may be on its way out . Very frequent use of master criminals, spies and chiefs can only live in a bank account in the novel and the film 's international thriller .
• comedian Woody Allen once joked: " ! If only God would give me some clear signs as to make a large deposit in my name in a Swiss bank ," he might want to look elsewhere from the above message.
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