Wednesday, May 27, 2015

Banking secrecy – Swiss farewell in installments – Tiroler Tageszeitung Online

Bern (APA / SDA) – Swiss banking secrecy has come in the company’s 80-year history, several times under pressure. It was defended, adapted and partially lifted. With the introduction of the automatic exchange of information, it is carried to the grave finally

From 1929:. During the Great Depression large amounts flowing flight capital into Switzerland. The neighboring countries are rigorously against capital flight before

1934:. Banking secrecy is enshrined in the Banking Act. Switzerland thus protect foreign assets in the country from access of foreign countries

1962. Under pressure from Jewish organizations, the Federal Council to the banks to search for unclaimed assets of Nazi victims in Swiss banks and to report them ( “Registration Decree”)

1977. In response to the Kreditanstalt (SKA) scandal, in which it dealt with were the shift of Italian flight capital, close the banks of a due diligence agreement from


1984: Banks initiative of SP, which wants to abolish banking secrecy for the SKA scandal is rejected with 73 percent of votes against

1990:. The Switzerland introduces a penal provision for money laundering.

From 1996: In the conflict over the unclaimed assets of Holocaust victims and Switzerland’s role in World War II, Switzerland is international investigations and provided to researchers insight into bank documents

1998. : affairs to drug money laundering (“pizza” and “Lebanon-Connection”) and potentate lead to more stringent reporting of suspicious transactions

26. October 2004. Switzerland and the EU signed as part of the bilateral agreements II a Savings Tax Agreement, which enters into force in July 2005. With the agreement, Switzerland can defend banking secrecy in direct taxes

19th March 2008:. The Switzerland shows steadfast despite growing international criticism: “At this banking secrecy ye shall be the hard nut to crack”, can the then Finance Minister Hans-Rudolf Merz know abroad.

18th / 22nd February 2009: After flying up of tax fraud in the US, UBS will pay $ 780 million to the US Department of Justice to end the tax dispute. They handed over to US authorities also customer data from

13. March 2009:. Under pressure from the OECD, the Federal Council decides to adopt the standards on administrative assistance in tax matters. Thus, the banking secrecy is loosened: legal assistance is possible not only tax fraud but also in tax evasion

January / February 2010:. An informant sold to the German authorities for 2.5 million Euro data from 1,500 investors who their money may have gone applied in Switzerland at the Treasury. This is followed by more cases of data theft. Thousands of German tax evaders show itself to

27. October 2010:. Germany and Switzerland agree: On black money in Swiss accounts to German customers in the future, a final withholding tax levied. This is to ensure that other states receive their due taxes without that Switzerland must disclose banking secrecy

February 15, 2011. The Department of Finance announced a relaxation of the conditions for assistance in tax matters in to renewed pressure OECD prevent. According to the alleged tax evaders can be identified in other ways than by the name and address

5. March 2012:. Switzerland is the US banking secrecy more opposed than other states. An addition to the double taxation agreement will soon also operate group requests from the US

29. May 2012:. Parliament approved three final withholding tax agreements with the UK, Germany and Austria. In it, the tax regularization of existing assets and the introduction of a final withholding tax on capital income is decided. The agreement with Germany fails in the German parliament, those with London and Vienna take effect on 1 January 2013. in force

July 18, 2012:. Switzerland agrees with the new OECD standard, according to which foreign countries even in can make group requests assistance to identify tax evaders

4. December 2012, at. Switzerland and the US agree on a deal, according to which Swiss banks continue to report accounts of US taxpayers (FATCA). In fact, the agreement amounts to an automatic exchange of information beyond

February 1, 2013:. The new Tax Administrative Assistance Act comes into force. This also group requests are under international standard possible

May 30, 2013:. Tax evaders in Germany will not be able to hide behind bank secrecy. Cantonal tax administrations should be allowed access to criminal tax on bank data after a proposal by the Bundesrat

June 14, 2013:. Switzerland must give up banking secrecy vis favor of the automatic exchange of information, if it wants to ensure the success of its financial center. This is the conclusion the working group headed by the economist Aymo Brunetti comes in a report

9 September 2013:. Switzerland grants the US in the future an almost automatic exchange of information. Parliament approved the agreement on the implementation of US tax law FATCA

15 October 2013:. Switzerland signed the OECD / Council of Europe Convention on Mutual Administrative Assistance in Tax Matters. Thus, the future of other countries must be informed not only on request on tax evaders, but in some cases spontaneously

February 13, 2014:. The OECD defines a global standard for the automatic exchange of bank client data before

May 21, 2014: The Federal Council wants to negotiate with the EU on the automatic exchange of information. It approves the draft of the negotiating mandate

2 July 2014:. The Federal Cancer t back in easing of banking secrecy in Switzerland: The cantonal tax authorities will be allowed to see only banking information in cases of suspected tax evasion, when it comes to themselves severe cases is

September 25, 2014:. Proponents of banking secrecy in Switzerland ranging “Yes to protect privacy” initiative

October 29, 2014:. The final out for the Banking secrecy is approaching. 51 OECD countries agreed in Berlin that the local tax authorities to be automatically informed of foreign accounts of its citizens in the future

November 19, 2014:. Also Switzerland signed the OECD Understanding for automatic exchange of information. She wants 2017 start with the collection of data, one year later than the first-time

14 January 2015:. The Federal Council sent the legal foundations for the introduction of the automatic exchange of information in the consultation procedure

March 19, 2015: Switzerland and the EU have reached agreement on the automatic exchange of information

26. May 2015.. The 28 EU member states are called the agreement with Switzerland for automatic exchange of information in tax matters without discussion well.

27. May 2015. Secretary Jacques de Watteville, Tax Commissioner Pierre Moscovici and the Latvian Finance Minister Janis Reirs set in Brussels their signatures to the agreement



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