Clock ticks on Swiss banking secrecy

The foreign assault against Swiss banking secrecy continued in 2013 – after the European Union and the United States, the G20 has joined the throng. Switzerland is ever more isolated after Luxembourg dropped its opposition to sharing bank data with its partners.

In May 2013 European Union finance ministers gave the green light to start talks with Switzerland, Liechtenstein and three other countries on new rules for swapping bank account information.

• Primary Source

Swissinfo.ch, 14.05.13: EU moves to close tax loopholes http://www.swissinfo.ch/eng/business/EU_moves_to_close_tax_loopholes.html?cid=35822538

Council of the European Union: Press Release, 14.05.13: Council conclusions on tax evasion and tax fraud http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/137120.pdf

Swissinfo.ch: Topics: Banks in turmoil http://www.swissinfo.ch/eng/business/Focus_on_the_financial_sector_.html?cid=34466642

Reuters, 14.05.13: Europe pushes Switzerland to end bank secrecy http://www.reuters.com/article/2013/05/14/us-ecofin-tax-austria-switzerland-idUSBRE94D0S620130514

The Local.ch, 20.04.13: Swiss will have to give up bank secrecy: expert http://www.thelocal.ch/20130420/swiss-will-be-forced-to-give-up-bank-secrecy-expert

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