Rise of the Midshores; Switzerland and its Rivals  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 406 no. 8823 (Feb. 2013), page SS13-SS15.
Topik: Banks; Associations; Wealth Management; Tax Evasion; Regulation of Financial Institutions; Investigations; International

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.75 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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At the centennial gathering of the Swiss Bankers Association last November, the group's chairman, Patrick Odier, felt obliged to note that "we have an image problem." His worry was not that only half a dozen of the audience of more than 100 were women. Instead, he was referring to his industry's travails since America launched its all-out assault five years ago on banks that served tax evaders.Switzerland is still the world leader in wealth management, looking after $2.1 trillion in assets. But the attacks from Washington, DC, and, more recently, European capitals have sent its moneymen reeling. In 2009 UBS paid America $780m to end a tax-evasion investigation; when Switzerland's oldest bank, Wegelin & Co, snapped up many of UBS's undeclared clients, prosecutors took it to court. The bank pleaded guilty, paid a large fine and has decided to close. Under the UBS settlement thousands of client names were handed to America, knocking chunks out of the once-impregnable wall of Swiss bank secrecy. The beleaguered Alpine country has since been badgered into agreeing to co-operate in cases of suspected tax evasion as well as fraud--"an earthquake" for a nation that treats evasion as a mere civil offence, says Rene Matteotti, a tax lawyer in Zurich.

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