Swiss handover of US names ‚Äòa timely reminder’ to Guernsey

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Swiss handover of US names ‚Äòa timely reminder’ ¬ª Business ¬ª This Is Guernsey.

THE handing over of 4,450 names of wealthy Americans who have offshore accounts in Switzerland is a timely reminder for Guernsey’s finance centre, according to KMPG tax partner Tony Mancini.

‚ÄòThis is quite a significant development,’ said Mr Mancini. ‚ÄòMuch of Switzerland’s success as a finance centre has been built upon its banking secrecy laws.

‘This deal suggests that those laws are no longer as effective as they were once perceived to be, when allegations of tax evasion are involved.

‚ÄòThis development, and the agreement between the UK and Liechtenstein, indicate how jurisdictions that have relied upon banking secrecy laws are coming under intense pressure from other governments.’

Under Guernsey law, which does not allow for banking secrecy, Mr Mancini said suspicions of such activity must be reported and it was therefore unlikely that a case would emerge in Guernsey.

What a load of rubbish.

Are all Guernsey banks now reporting all cases of refusal to disclose information under the European Union Savings Tax Directive as suspected tax evasion - which in almosty every case they are? If not then his argument is blatantly wrrong - because non-reporting is the norm.

These people do comfort themselves with complete nonsense.