Couchepin dismisses Italian criticism over banking secrecy
The economics minister, Pascal Couchepin, has launched a broadside against the Italian government following criticism of Swiss banking secrecy.
In a newspaper interview on Thursday, Couchepin said he was surprised and disappointed at recent comments by the Italian finance minister, Giulio Tremonti, who slammed Swiss banking secrecy, and called for it to be dismantled.
“I do not see how we can resolve technical difficulties which arise between our two countries if this kind of attack is made,” Couchepin told the Neue Zurcher Zeitung newspaper.
“Typical” of new Italian governments
He added that the Italian position was “typical of the difficulties at the beginning of a newly established Italian government”.
Analysts say that Tremonti’s comments were aimed more at persuading Italians to repatriate money held in Switzerland rather than an attack on Switzerland itself. Under a recent amnesty law, Italians have until February 28 to bring home funds held illegally abroad.
Couchepin also had strong words for other countries which criticise banking secrecy, saying they use it as an excuse to cover up their own incompetence in managing their financial affairs.
He said banking secrecy was a “morally legitimate” way of protecting resources, provided controls are in place to prevent money laundering and other financial crimes.
He added that Switzerland had the right “to defend its advantages as a financial centre”.
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