The FT reports:
Switzerland’s private banks have started to ban their top executives from travelling abroad, even to neighbouring France and Germany, because of fears they will be detained as part of a global crackdown on bank secrecy.
The head of one leading private bank in Geneva said the growing determination of countries such as the US and Germany to tackle tax evasion and secrecy meant banks felt they had to take extra measures to protect employees.
Now that’s what I call a sanction.
It’s working. The message is out. Handling stolen goods will not be tolerated. And those who do so might, quite reasonably, be arrested.