Ethics and governance in the European Financial centers

Reuters reported that the Swiss government still wants to settle a long-simmering dispute with U.S. justice officials over undeclared funds stowed in Swiss offshore funds by year-end.

Switzerland wants the investigations dropped, in exchange for payment of fines and the transfer of names of thousands of U.S. bank clients. It also wants a deal to shield the remainder of its 300 or so banks from U.S. prosecution.

Switzerland was one of the jurisdiction in agreement a couple of weeks ago to fight tax evasion.

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Very relevant thoughts from the South African Civil Society Information Service, which is a nonprofit news agency promoting social justice.

"There are oceans of money slopping around between strange tropical havens. This money really belongs to us all – it is nothing less than stolen wealth. It is the interest of pensioners and savers. It is the money lost to tax collectors. It is real money, extracted from the system and then hidden from us all. This is money which should be taxed and equitably redistributed to build a more egalitarian global society"

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