Ethics and governance in the European Financial centers

It was reported that Germany, the United Kingdom and Austria, are about to ratify the agreement signed with Switzerland to impose a one-time tax in all deposits of citizens with tax base in such country with accounts on Swiss banks.

As the Institute for Professional Studies INC observes , "this arrangement generates questions. What kind of credible guarantees will the Swiss provide the money-receiving governments that they will get the entire amount of the 40% withhold tax on their citizens? Indeed, since no names will be given, such a guarantee cannot practically exist. And how to trust the Swiss government when the British government was responsible for fixing LIBOR for years affecting trillions of transactions all over the world? Furthermore what guarantees will be provided to bank clients that what ever will be left in their account after the cuts will be considered legitimate in their own country and how this legitimacy will be proved? By a Swiss bank statement? And, if the money laundering tax amounts to 40% why all or some of the 27 Member States do not grant their own Tax Amnesty directly with a minimum tax, ie 10% or 20% on repatriated capital hidden in Switzerland or elsewhere?"

Very relevant questions...