Switzerland, the leading offshore money manager, manages about one-third of the cross-border wealth in the world. Its secrecy laws and tax practices have been threatened by the EU's withholding tax proposal. Is this `money-haven' losing its sheen?
The Arabs, European barons and billionaires, the terrorists, the politicians and the rich BEWARE! With the Swiss banking secrecy laws no longer being watertight and with the proposal of imposition of withholding tax on the European Union (EU) citizens, Switzerland may no longer be the financial haven. Multilateral organizations like the EU, the UN, and the OECD are pressurizing the Swiss banks to reveal the names and account details of their clients. The EU is constantly demanding for more disclosure of account details of its citizens, who have accounts in Swiss banks and are evading the taxes in their countries. The EU is threatening to impose economic sanctions if the Swiss do not relent.
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