Swiss Bank

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Swiss Bank

A bank based in Switzerland. Swiss banks are famous worldwide for their secrecy, which is mandated by Swiss law. This secrecy has resulted in a great deal of laundered and other illegal money to be deposited in Swiss accounts. Historically, this has formed a significant portion of the Swiss banking sector. However, the secrecy is not absolute and may be lifted by following appropriate procedures. See also: CHF, Gnomes of Zurich.
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Swiss 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.

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