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Swiss banks say new automatic info exchange framework costly

Last Updated: Thursday, February 13, 2014, 18:17

As India and 41 countries on Thursday adopted a new global standard for automatic exchange of information on offshore tax evasion, Swiss banks said this framework is very complex and involves high costs.

Illicit assets: Swiss govt tell banks to boost due diligence

Last Updated: Tuesday, December 03, 2013, 18:36

Switzerland has directed banks to strengthen due diligence on overseas clients to prevent illicit fund flows as well as comply with international tax regulations.

Automatic tax info exchange to hurt fund flows: Swiss banks

Last Updated: Sunday, November 24, 2013, 13:39

All Swiss banks put together managed assets totalling 5.57 trillion Swiss francs (over Rs 383 lakh crore) at the end of 2012, out of which 51 percent came from abroad, after an increase of over six percent during the year.

US charges 3 Swiss bankers in tax evasion case

Last Updated: Wednesday, January 04, 2012, 09:53

Prosecutors accused three Swiss bankers on Tuesday of conspiring with wealthy US taxpayers to hide more than USD 1.2 billion in assets from tax authorities, and sources briefed on the matter said the three worked for Wegelin & Co, one of Switzerland's oldest private banks.

Swiss bankers oppose another US tax treaty

Last Updated: Monday, September 05, 2011, 20:19

The Swiss Bankers Association lashed out Monday at the possibility of another tax treaty with the United States aimed at handing over details of Americans suspected of using Swiss banks to cheat on their taxes.