 |
| Fraying at the Edges |
 |
Swiss bank reform doesn't seem such a cuckoo idea?
|
By CHARLES P. WALLACE/Berlin |
Posted Sunday, Dec. 8, 2002; 2.02 p.m. GMT
Swiss banks have always had a clandestine air, the stuff of spy novels and whispered business deals. Yet to many E.U. nations, the historically secretive institutions are a fiscal drain. Other European countries are constantly pressuring Switzerland to lift its veil of banking secrecy so that E.U. citizens can no longer avoid paying tax on earnings held in Swiss accounts.
The Swiss say that bank secrecy is nonnegotiable, but in 2003 will be doing their best to defuse the criticism by introducing a new set of reforms. Topping the list is likely to be a new Swiss law that introduces a withholding tax on foreign accounts.
Other reforms include a "due diligence" measure designed to weed out terrorist financing, and tougher money-laundering procedures. None of these are likely to placate the E.U., but the blanket of bank security is beginning to fray.
 |
 |
|
S O C I E T Y
Islam In Europe
An inside look at how Europe's Muslims adapt to secular society — and vice-versa
T H E A T E R
Boney's Part
A stage extravaganza, a TV mini-series and a clutch of films put Napoleon in the spotlight again
|
|
E U R O P E
Outta Here
A faltering economy and Schröder's policies have companies fleeing Germany
P O L I T I C S
Wages Of Spin Cherie Blair didn't know she was doing business with a con man, but it's Tony and New Labour who may pay the price |
|
|
|
|
