Swiss banking may not be so impervious to change as we thought – one has broken ranks

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Pierin Vincenz, CEO of the Swiss Raiffeisen bank, is the first Swiss banker to call for automatic tax information exchange. For those who read German there is more here.

In an op-ed in the most recent edition of Sonntagszeitung, one of the major Swiss Sunday papers, Vincenz asks the Swiss government to immediately start negotiations with the EU about full  automatic exchange of information in tax matters.

In an interview in today's edition of Tagesanzeiger, Vincenz repeats this important demand.

Members of the Socialist Party and the Green Party have welcomed Vincenz' statement. Representatives of the center and right-wing parties call it 'premature' and 'unwarranted'.

It's that word 'premature' that's interesting: the inevitability of automatic information exchange is accepted in that one word. And inevitable it is.

Even some Swiss are now seeing this.

Hat tip: Mark Herkenrath