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FINMA presents report on the financial market crisis

The “Financial market crisis and financial market supervision” that was published the day before yesterday by FINMA provides a comprehensive analysis of the financial market crisis and the ensuing decisions and actions taken by the Swiss Federal Banking Commission (SFBC). None of those involved recognised in time the origins of the crisis or the full extent of the dangers it posed. Furthermore, the analysis reveals certain weaknesses and a partial lack of effectiveness in banking supervision. The report concludes, however, that the SFBC responded rapidly and decisively, and that fundamental decisions for stabilising the financial centre were made in a targeted and timely manner. The SFBC quickly learned its lessons from the crisis and implemented remedial actions.


Know more

Read the report (French)

Read summary of the report (English)


05:35 Posted in Switzerland | Permalink | Comments (0)


Not a good time for tax evasion to Switzerland

France gets a list of 3000 French taxpayers with bank accounts in Switzerland, according to a report in the weekly Journal du Dimanche . Minister Woerth interviewed by the newspapers says the accounts contained some euro 3 billion , "some of which is very likely linked to tax evasion." (original text: Nous avons récupéré les noms de 3000 contribuables détenteurs de comptes dans les banques suisses dont une partie correspond très probablement à de l'évasion fiscale).

I think that Switzerland is alone in front of the USA and now France. Where are the allies of March to protect banking secrecy?

A couple of days ago Austrian political parties have just agreed to relax the country's banking secrecy regarding foreigners, paving the way for parliamentary approval. This agreement secures the two-thirds majority needed to pass legislation that would help remove Austria from the Organization for Economic Cooperation and Development's "gray list" of countries not complying with international tax information standard.

Luxembourg was the first "financial center" to quit the OECD "grey list". But the goal was to sign the required agreements as fast as possible knowing that it will be a long shot in practice for foreign tax administration to gather all information required to formulate the request all the more than the OECD tax model includes discretionary loopholes:

In no case shall the provisions be construed so as to impose on a Contracting State the obligation:
 a) to carry out administrative measures at variance with the laws and administrative practice of that or of the other Contracting State;
 b) to supply information which is not obtainable under the laws or in the normal course of the administration of that or of the other Contracting State;
 c) to supply information which would disclose any trade, business, industrial, commercial or professional secret or trade process, or information the disclosure of which would be contrary to public policy (ordre public).

The culture has not changed in Luxembourg. Definitely not.

12:14 Posted in Switzerland | Permalink | Comments (0)


UBS: It's like a dog that's tasted the blood of its first victim


To comment the turn over of names of suspected U.S. tax dodgers who have held 4,450 secret accounts at banking giant UBS,  "It's like a dog that's tasted the blood of its first victim (...)It's clear that the concept of a perpetually safe tax haven is a fantasy that no longer exists" said Ron Geffner quoted by Washington Post. He is a former enforcement attorney at the Securities and Exchange Commission who now heads the financial services group at Sadis and Goldberg.

Let's read what said the Department of Justice to comment the agreement:

The Swiss Government has agreed to review and process additional requests for information from other banks regarding their account holders to the extent that such a request is based on a pattern of facts and circumstances equivalent to those of the UBS case.

05:54 Posted in Switzerland | Permalink | Comments (0)