Financial Regulatory Forum

Switzerland says goodbye to light touch regulation

By Guest Contributor
May 3, 2012

By Rachel Wolcott

LONDON, May 3 (Thomson Reuters Accelus) -┬áThese days even the Swiss are fed up with their bankers. The financial crisis has riled Swiss citizens to the point that the Alpine country’s reputation for light-touch financial regulation will soon be a thing of the past. In a direct democracy such as Switzerland, where every citizen can vote on laws and even propose them, the people have spoken. What they have said is: we want more rules and regulation for bankers and asset managers.

ANALYSIS-Asia next in line of fire for U.S. tax police

By Reuters Staff
July 7, 2010

By Jason Rhodes, Kevin Lim and Joe Rauch

ZURICH/SINGAPORE/CHARLOTTE, July 7 (Reuters) – After forcing Switzerland’s top bank UBS ┬áto its knees for helping U.S. residents dodge taxes, U.S. authorities are moving on other banks and countries used to hide clients’ cash.

SPECIAL REPORT – How the U.S. cracked open secret vaults at UBS

By Reuters Staff
April 9, 2010

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By Lisa Jucca

ZURICH, April 9 (Reuters)- After the collapse of Lehman Brothers in September 2008, Switzerland’s largest bank was teetering. UBS, which was more than three times bigger than Lehman in terms of assets, had to write down some $50 billion during that tumultuous period.

IRS to take “macro” approach on U.S. foreign bank law

By Reuters Staff
March 2, 2010

By Kim Dixon

WASHINGTON, March 2 (Reuters) – Foreign banks will likely not need to identify holders of millions of U.S. accounts individually, a top U.S. tax official said, in the run-up to a new reporting law aimed at catching wealthy tax dodgers.

France draws up tax blacklist, to apply sanctions

February 16, 2010

PARIS, Feb 16 (Reuters) – France has drawn up a list of 18 countries accused of failing to cooperate on tax issues, and will slap punitive taxes on certain financial transactions involving them, an official document showed on Tuesday.

U.S. tax guilty plea involves unspecified major UK bank, Zurich banker

By Reuters Staff
February 16, 2010

By Kim Dixon

ALEXANDRIA, Va., Feb 16 (Reuters) – A U.S. client of a big global bank based in England pleaded guilty to conspiracy in connection with assets stashed abroad to evade taxes, part of a widening crackdown on foreign banks and their customers.

Swiss minister says US insists on UBS tax deal – paper

By Reuters Staff
February 11, 2010

ZURICH, Feb 11 (Reuters) – The Swiss government will probably have to turn to parliament to resolve a legal impasse threatening a deal struck with the United States to hand over data from UBS AG clients, a minister was quoted as saying.

Merkel tries to calm tempers in Swiss tax dispute

By Reuters Staff
February 8, 2010
Wanted in Switzerland

Wanted in Switzerland

By Madeline Chambers

BERLIN, Feb 8 (Reuters) – German Chancellor Angela Merkel and Switzerland’s president have agreed that a dispute over stolen Swiss bank account data which Germany wants to buy should not harm ties between the neighbours, her spokesman said on Monday.

German state ready to buy stolen bank data-source

By Reuters Staff
February 4, 2010

BERLIN, Feb 4 (Reuters) – Germany’s most populous state has made final checks on stolen bank data belonging to potential tax cheats and is ready to buy the information, a person familiar with the matter told Reuters on Thursday.

European states keep Swiss bank secrecy under siege

By Reuters Staff
February 3, 2010

By Jason Rhodes and Ben Berkowitz

BERNE/AMSTERDAM, Feb 3 (Reuters) – European states lined up behind German Chancellor Angela Merkel to expose tax cheats in a combined assault on the Swiss banking secrecy laws that help protect them.