Monday, August 31, 2009
Swiss banks expect to avoid witch-hunt
Switzerland's top private bankers are convinced they can avoid a damaging witch-hunt over their activities by U.S. authorities, in the wake of UBS's tax row.
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Before this brokered deal, it seemed like UBS was in a lose-lose situation. Either face a heavy fine from US authorities if they don't cooperate, or be prosecuted by the Swiss government for violating Swiss banking laws. Looks like UBS is off the hook temporarily, but this case will set the precedent for others to come. Perhaps it is time the Swiss banking industry innovate away from its secrecy based model.
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