Switzerland eases banking secrecy

[dipsydoodle]

Source: BBC News

Switzerland, Austria, and Luxembourg have become the latest countries to agree concessions on bank secrecy.

Their agreements come after talks with the Organisation for Economic Co-operation and Development (OECD), which sets rules on bank data sharing.

Liechtenstein and Andorra agreed similar OECD deals on Thursday. All had come under increasing pressure to reform their banking sectors.

Read more: http://news.bbc.co.uk/1/hi/business/7941717.stm

[pampango]

1. I wonder what happened behind the scenes to get Switzerland to compromise its role as tax haven.

The Swiss banking industry must be throwing a fit. I hope this helps the US government get information on the 50,000 American account holders who may be evading taxes.

[Donnachaidh]

2. The US Government should not rest until it has full disclosure on those 50K accounts

The Swiss banks are co-conspirators if any tax evasion was done. And we need to put a hurting on the Cayman and Bahamanian banks too. They need to cough up information too.