New government policies are a major catalyst for offshore client defections from
Swiss banksSwiss banks have reported a fall in profits and have been proceeding with staff cuts.
These developments further increase the probability of a downward adjustment of Moody's current systemic support assumptions for
Swiss banks.
ISLAMABAD -- Finance Minister Ishaq Dar has said that the government was making efforts to recover money deposited by Pakistanis in
Swiss Banks illegally.
In addition to strengthening our partnership with the Swiss government, the program's requirement that
Swiss banks provide detailed account information will improve our ability to bring tax dollars back to the US treasury from across the globe," US Attorney General Eric Holder said.
ZURICH -- When it comes to money in
Swiss banks, Pakistan has a slight edge over India with total funds amounting to 1,441 million Swiss francs held there by Pakistani individuals and entities.
Under the deal, money held by British residents with
Swiss banks will be subject to a levy of 19 to 34 per cent of the account balance, and a withholding tax will apply.
24 -- India may have to wait till at least next year for information from Switzerland on possible black money trail to
Swiss banks, as a treaty for the same might come into force only by the end of 2011.
We have no evidence yet that data of
Swiss banks is involved in this case," his counsel Ganden Tethong Blattner said.
Swiss banks' transactions is so strictly enforced that only once in 1945, the assets of the Nazi leaders, who were subjected to November 12 (Nuremberg trials) were revealed by the
Swiss bank.
Financial experts in Bulgaria have commented that the country's tax authorities will find it difficult to bring to justice those tax evaders, who hold about EUR 200 M in
Swiss banks as revealed by the stolen disk of Swiss banking data bought by Germany.
Since the scandals of the late 1990s involving revelations about the role of
Swiss banks during World War II, the Swiss banking industry has worked hard to bust the myths that have arisen about its special relationship with customers--not least the fact that it allegedly helps unscrupulous Europeans and Americans dodge taxes.
