Archive – Banking & Fintech

Diplomacy could triumph in Swiss-US tax row

This content was published on Mar 8, 2009 US pressure on Switzerland and leading Swiss bank UBS shows no signs of abating, but Washington D.C.-based lawyer Scott Michel told swissinfo that many Americans value the system of banking secrecy. UBS is currently in a showdown with the US over alleged tax fraud by American tax dodgers. Last month the US Department of Justice…

Tax talks offered, but bank secrecy upheld

This content was published on Mar 6, 2009 However, he said Switzerland’s banking secrecy remains intact. A group of experts will advise the government on possible measures to counter the pressure on the country’s financial centre. The leading Swiss bank, UBS, is in a showdown with the United States over alleged tax fraud by American tax dodgers. European countries are also threatening to…

Tax evasion poll

This content was published on Mar 6, 2009

Swiss keen to decouple secrecy and tax evasion

This content was published on Mar 5, 2009 Merz’s comments come a day after a United States Senate hearing said it would continue to pile pressure on UBS, Switzerland’s biggest bank, to disclose confidential client data despite some information already being handed over. Speaking to reporters in Geneva, Merz said his taskforce was looking into ways of revising the Swiss law that treats…

Clients up, profits down for cooperative bank

This content was published on Mar 5, 2009 The group announced on Thursday that it had made a net profit of SFr564 million ($478 million), 19.5 per cent down on the previous year. It attributed the fall to stock exchange turbulence. However, Raiffeisen gained some 158,000 new customers and SFr11.6 billion in fresh money in 2008. Raiffeisen chairman Pierin Vincenz said the bank’s…

US fight against UBS intensifies

This content was published on Mar 5, 2009 Appearing before a Senate subcommittee on Wednesday, UBS senior wealth management executive Mark Branson said a lawsuit filed by the Internal Revenue Service only hindered efforts to resolve the row. “We respectfully submit that the IRS is attempting to resolve this diplomatic dispute in a courtroom, which is neither productive nor appropriate,” he said. “UBS…

Geneva Motor Show tries to drive away gloom

This content was published on Mar 5, 2009 Despite hard times, the organisers are putting on a brave, glitzy face to dispel some of the gloom, and over the next ten days still expect some 700,000 car fans to check out the many new models on show. Tyre manufacturer Michelin, and Chinese and South Korean firms BYD and SsangYong might be absent, and…

UBS “will not give names of US clients”

This content was published on Mar 4, 2009 Appearing before a Senate subcommittee on Wednesday, UBS senior wealth management executive Mark Branson said the bank “has now done all that it can do to cooperate” with the Internal Revenue Service (IRS) request without violating Swiss criminal laws. “We respectfully submit that the IRS is attempting to resolve this diplomatic dispute in a courtroom,…

US Congress has tax havens in its sights

This content was published on Mar 4, 2009 Responsible for the bill are Lloyd Doggett, a Democratic congressman from Texas, and Carl Levin, a Democratic senator from Michigan who is also chair of the Senate committee that will haul UBS’s business practices over the coals midweek. UBS, Switzerland’s biggest bank, has been haunted by a US investigation that accused it of helping wealthy…

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This content was published on Mar 4, 2009

Archive – Banking & Fintech

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Diplomacy could triumph in Swiss-US tax row

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Tax talks offered, but bank secrecy upheld

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Tax evasion poll

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Swiss keen to decouple secrecy and tax evasion

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Clients up, profits down for cooperative bank

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US fight against UBS intensifies

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Geneva Motor Show tries to drive away gloom

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UBS “will not give names of US clients”

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US Congress has tax havens in its sights

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