How to solve Switzerland’s problem in one short blog

Posted on January 30 2012

Switzerland must tackle the problem of untaxed money in secret accounts and also must ensure the central bank does not become a political pawn, the country's economy minister was quoted as saying on Saturday.

"The problem of untaxed wealth in Switzerland is a serious problem that we need to resolve. Not only with the USA but also with the Europeans," Economy Minister Johann Schneider-Amman, of the pro-business Free Democrats (FDP) party, told the German-language Tages-Anzeiger in an interview.

"Banking secrecy wasn't invented to create an opportunity for doing business with untaxed money," he also said. "We must find a way of dealing with legacy wealth."

Well actually, that's exactly why Swiss banking secrecy was created in 1934: it was all about and still is about facilitating tax evasion.

And there is an easy answer: sign up for the European Union Savings Tax Directive and for automatic information exchange.

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One Response

Nick the Greek says:

January 30 2012 at 7:59 pm

Economy Minister Johann Schneider-Amman speak with forked tongue.