Has banking privacy finally come to an end? Following the capitulation of UBS under pressure from the US (and with the consent of the Swiss government) financial details of clients have been passed to US tax authorities , the IRS. Following on from this, and the recent murmings of Lichtenstien, the European tax havens of Andorra, Lichtenstien, Luxembourg, Austria and Switzerland have agreed to play by the rest of the worlds rules, and have signed up to the OECDs banking rules. This will make investigating peoples bank accounts in Switzerland significatly easier.
With an estimated 2 trillion dollars of “foreign” money invested in the Switzerland, and the US losing around 100 billion dollars a year due to tax evasion, there is real incentive for tax authorities to get access to these bank accounts.