Is 2009 the Year That Bank Secrecy Died?Is 2009 the Year That Bank Secrecy Died?
The IRS' success against UBS AG seems to be the famed butterfly in the rainforest that causes gigantic ripples across the world. The campaign against secret funds in Switzerland led the news. But several unrelated efforts in 2009 shared a common goal of finding money around the world and forcing the funds back to home countries. The result: in just one year, Switzerland, global banking, and perhaps
January 1, 2010
Barbara R. Hauser
The IRS' success against UBS AG seems to be the famed butterfly in the rainforest that causes gigantic ripples across the world.
The campaign against secret funds in Switzerland led the news. But several unrelated efforts in 2009 shared a common goal of finding money around the world and forcing the funds back to home countries. The result: in just one year, Switzerland, global banking, and perhaps the United States' relations with other countries' financial centers were forever changed.
U.S. v. Swiss
Switzerland began its current bank secrecy rules before World War II when many wealthy families in other European countries were nervous about the safety of their money. As political tensions increased, Switzerland became an a...
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