Switzerland eases banking secrecy

[Lochloosa]

http://news.bbc.co.uk/2/hi/business/7941717.stm

Switzerland, the world's largest offshore financial centre, has agreed to accept concessions on bank secrecy.

However, while it will now abide by international rules on bank data sharing, it said it would only respond to "concrete and justified" requests.

The government added that it would still protect banking customers from "unjustified watching from abroad".

Switzerland's announcement comes after it had risked being added to a global blacklist of uncooperative tax havens.

[Wapsie B]

1. Next the Cayman Islands. (I hope)

You can run but you can't hide.

[derby378]

2. I'm thinking Nauru may get back in the offshore banking game

The island nation has squandered virtually all of its natural resources (mostly phosphate), and all the cash the realized off from the sale of Nauru's resources is gone. Their sole aircraft is constantly being seized by repo men. Unless someone intervenes to give Nauru a little hope for the future, they may slide right back into their notorious offshore banking schemes that they ran a few years ago.