Financial Regulatory Forum

Swiss say to be removed from tax haven list

September 25, 2009

Swiss President and Finance Minister Hans-Rudolf Merz speaks to members of the National Council during the autumn parliament session in Bern September 22, 2009. REUTERS/Pascal Lauener (SWITZERLAND POLITICS) By Lisa Jucca and Sven Egenter
ZURICH, Sept 24 (Reuters) – Switzerland expects to be taken off the OECD’s list of tax havens after the country signed the required 12th tax deal on Thursday.

Swiss banks propose universal withholding tax

September 17, 2009

A Swiss flag is pictured on top of the Dresdner Private Banking building in Geneva March 18, 2009. Swiss Foreign Minister Micheline Calmy-Rey will meet her French counterpart Bernard Kouchner, starting a series of meeting in European countries about the pressure on Switzerland to ease its banking secrecy.  REUTERS/Denis Balibouse (SWITZERLAND BUSINESS POLITICS)   By Lisa Jucca, European Wealth Management Correspondent
   ZURICH, Sept 17 (Reuters) – Swiss bankers on Thursday called for the introduction of a broad withholding tax on earnings generated by foreign wealth to end international pressure on bank secrecy at a time when client inflows are flat.

France says would back Swiss removal from OECD tax “grey list”

September 1, 2009

PARIS, Sept 1 (Reuters) – Switzerland has made a major effort in terms of transparency on tax issues and France would support its eventual removal from the OECD’s grey list, Economy Minister Christine Lagarde said on Tuesday.

Offshore private banking model is dead after UBS probe, experts say

September 1, 2009

By Lisa Jucca, European Wealth Management Correspondent
ZURICH, Sept 1 (Reuters) – A U.S. tax probe against Swiss bank UBS has killed traditional offshore banking and wealth managers will have to improve their offers to survive, bankers and industry experts said on Tuesday.

U.S. files formal request for UBS client data

August 31, 2009

U.S. President Barack Obama (C) walks alongside his friend Eric Whitaker (R) as Robert Wolf, Chairman and CEO of UBS Group Americas (L), drives past in a cart as they play golf at Farm Neck Golf Course at Oak Bluffs on Martha's Vineyard, Massachusetts, August 24, 2009.          REUTERS/Jason Reed  ZURICH, Aug 31 (Reuters) – The United States has launched the formal process to get account details of 4,450 American clients of UBS suspected of tax evasion, the Swiss finance ministry said on Monday.

Swiss tax info came from banks, informers -France

August 31, 2009

PARIS, Aug 31 (Reuters) – France obtained the names of 3,000 suspected tax evaders with Swiss bank accounts from banks and unpaid informers, Budget Minister Eric Woerth said on Monday.

UBS to disclose U.S. bank details, others face scrutiny

August 19, 2009

SWITZERLAND/ By Jason Rhodes and Kim Dixon
BERNE/WASHINGTON, Aug 19 (Reuters) – Switzerland will hand over details of about 4,450 UBS bank accounts to U.S. authorities, settling a tax dispute that has threatened Swiss banking secrecy, the two governments said on Wednesday.

U.S. targeting American clients of UBS for criminal tax evasion

August 18, 2009

USA/UBS By Tom Brown
MIAMI, Aug 18 (Reuters) – The United States is building criminal cases against more than 150 American clients of Swiss bank UBS as part of a crackdown on tax evasion now made easier by a deal over access to secret account information. (more…)

UBS tax deal may pave way for bank’s recovery

August 18, 2009

By Jason Rhodes
ZURICH, Aug 18 (Reuters) – Details of a landmark settlement of the U.S. tax case against Swiss bank UBS are expected this week, which should help the bank restore its image and open the way for the Swiss state to sell its UBS stake. (more…)

U.S. asks court for more time to reach tax deal with UBS

August 7, 2009

UBS/TAX MIAMI, Aug 7 (Reuters) – The U.S. government, citing difficulties in talks to hammer out a final settlement of its tax-evasion dispute Swiss bank UBS AG, asked a U.S. judge on Friday to delay a trial in the case set to begin on Monday. (more…)