Ethics and governance in the European Financial centers

In a recent interview Laszlo Kovacs confirmed that banking secrecy should be given up in a couple of months.

Algirdas Semeta, who is his sucessor, will go on the same policy as him.

Dow Jones has reported that confidential files that an informant may be offering for sale to Germany's government files that may contain information on 1,500 German taxpayers using Swiss bank accounts to avoid taxes.

"We would consider it rather delicate for a state operating under the rule of law to make use of illegally obtained data," Doris Leuthard told Swiss media at the sidelines of the World Economic Forum in Davos.

Who started ?

Banks that accepted money from foreign taxpayers that did not pay their taxes definitely did not operate under the rule of law of foreign jurisdictions to make use of illegally accepted money.