Sunday, September 4, 2011

U.S. to Swiss: Give Us Names of More Tax Evaders

FT reports:

Switzerland and the US are gearing up for another bruising confrontation over bank secrecy amid reports Washington has given Bern an ultimatum to deliver further names of American taxpayers with undisclosed Swiss accounts.

In a letter cited by two Swiss Sunday newspapers, James Cole, a US deputy attorney-general, last week demanded details about the alleged involvement of Credit Suisse and other Swiss banks in helping rich Americans to evade tax.

The letter reportedly threatened legal action against one or more banks if they failed to comply – repeating a US strategy used successfully two years ago in an initial investigation of UBS, Switzerland’s biggest bank.

The letter would represent a significant increasing of the pressure on Switzerland to again bend its once watertight bank secrecy rules and deliver further client names to the US.


  1. Switzerland made the mistake of offering the small finger with the UBS deal and now the US wants the whole hand. In the end, this is an attack on private property and a move to help US domestic banks. What's next? A revival of executive order 6102?

  2. Looks like the Criminal Class is desperate for even more money. The Swiss banks need to say, "No" and hang up.

  3. At least the smart people are out of Swiss Francs and all digital counterfeit and are holding physical gold in safe deposit boxes. Screw fiat money bank accounts.