International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Thursday, February 12, 2015

Switzerland unveils draft laws to dismantle bank secrecy

Report on international financial and tax matters 2015 - The annual report of the Swiss Federal Department of Finance on international financial and tax matters reviews and gives an outlook on activities in the areas of financial market regulation, engagement in international financial bodies and international tax policy.

The FT reported in January that the Swiss government has taken a further step towards dismantling its once untouchable bank secrecy laws, by unveiling draft legislation that would pave the way for automatic information exchange about offshore accounts held in Switzerland.  In Bern on Wednesday, the government launched a three-month consultation period on two bills that would allow Switzerland to fulfill these international agreements.   read the FT's full story ...

Bloomberg further reported that interested parties will have until April 21 to comment on the bill.

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