Swiss banks to turn over US clients' names to IRS

Discussion in 'Wall St. News' started by Pekelo, Jun 10, 2011.

  1. Pekelo


    I guess the end of an era:

    "As part of the agreement under discussion, known as a global resolution, U.S. government agencies would invite the banks to pay a fine, exit their undeclared offshore banking businesses for Americans, and turn over client names to the Internal Revenue Service (IRS) and the Justice Department.

    In exchange, the agencies would drop an ongoing investigation into the banks.

    Banks that "opt out" of the deal could face heightened scrutiny from U.S. authorities, including a possible legal summons for client names from the IRS and tougher scrutiny by the Justice Department."
  2. LeeD


    Only the Swiss banks that have substantial investment banking business in the US.

    If you want to keep your money safe you shouldn't keep it with any "bank" that is involved with investment banking or trading anyway - Swiss or not Swiss.

    Regarding UBS, it's not news. The bank agreed to turn in thousands of their customers a couple fo years ago.
  3. End of an era for Switzerland maybe.

    Singapore still has very strict banking privacy laws.

    It is in violation of Singaporean state law (ie. a criminal offence) for a financial institution to give out details of its clients to any third party.

    Now isn't that a beautiful thing :D
  4. With all this peddling back and forth between the US and SUI, perhaps the SUI can keep their Franc in check... without joining at the hip to that disease called the EUR
  5. Rich US citizens will give away their citizenship and live in Switzerland. Already Americans are fed up of Obama administration. USA will be infested with Chinese, Indians and other aliens when Americans leave USA.
  6. Pekelo


    Yes we do because they keep sending us monthly statements, but it is kind of confidental. They are also not US citizens, so what is your fucking point, beside asking stupid questions???
  7. Rich U.S. citizens will go to switzerland?.....LOL

    You really are a dellusional idiot.
  8. Some stupids are living in caves and never heard of Wikileaks.