News

The Federal Council agree on data sharing with 7 new jurisdictions

Last month, the Federal Council in Switzerland announced that it would be officially implementing the report that was released, regarding the introduction of the automatic exchange of financial information with Jersey, the Isle of Man, Japan, Canada Iceland, Guernsey and Norway which has been submitted to Parliament for approval.


Switzerland to adopt Anti-Money Laundering Ordinance

The Swiss Federal Council has adopted the Anti-Money Laundering Ordinance (AMLO) and it will enter into force on 1 January 2016.


India requests Switzerlands assistance to help combat tax evasion

India has been offered legal support from Switzerland regarding the case of a high-profiled married couple that is been suspected of evading taxes while hiding money within a HSBC bank account in Geneva.


US authorities increase scrutiny on Swiss banks

Swiss Banks sign amnesty agreements disclosing tactics, providing US prosecutors with valuable information.


German state plan to use stolen data against Swiss Banks

German authorities are planning to utilise stolen banking data in order to target around 40 more Swiss banks for assisting people to evade their tax obligations.


Swiss banks under pressure to disclose client affairs

It is the first large-scale request for assistance with tax-related banking information that Switzerland has received from a country other than the United States.


Number of Swiss banks set to decline over next few years

According to the SBA’s (Swiss Bankers Association) annual report on the sector, the number of Swiss banks has declined to 275 at the end of 2014.


Swiss Cabinet rejects banking secrecy initiative

The Swiss parliament has been urged by the cabinet to reject the initiative to maintain banking secrecy for domestic private clients. Switzerland’s tradition of banking secrecy has been under pressure in recent years.


Frozen Uzbekistan funds in Swiss accounts

Switzerland has agreed to freeze funds in Swiss bank accounts that are suspected to be in connection with the Uzbekistan President’s daughter, after a request from the US was received.