Switzerland to stop undeclared funds into its banks

[GoFlyKiteNow]

Switzerland to stop undeclared funds into its banks
PTI, Feb 25, 2010, 09.16pm

BERN/NEW DELHI: In the backdrop of increased international pressure on its banking secrecy practices, Switzerland said it will prevent the flow of undeclared funds from foreign countries into the Swiss banks.

The Swiss Federal Council in a statement said that it is against attracting "undeclared funds from overseas".

The government would draw up various solutions to prevent new, undeclared funds from coming to Switzerland.

"With the objective of achieving clarity and legal security, the Federal Council therefore wants to push ahead with the regularisation of undeclared assets whilst at the same time ensuring that privacy is safeguarded," it noted.

Explaining its financial market strategy, Switzerland said it would continue to implement the OECD standards in tax issues and continue to cooperate with other countries in combating tax fraud and tax evasion in the future.

The Council has called for regularising undeclared assets.

Going by Swiss laws, tax fraud is considered as a criminal offence while tax evasion is punished with severe administrative fines and does not attract jail sentence.

"The Federal Council continues to reject the automatic exchange of information in terms of laying bare every detail of citizens' lives," the statement noted.

 

[ahleebabasingaporethief]

The world at large should not worry too much about this.

A tiny nation in Asia have already taken over from the Swiss.

2 facilitators have been built. They are called IRs
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[longbow]

GFK - do you know that Indians has the largest stash of $$ in Swiss banks. Most of this comes from corruption (you can now see why the poor are still so poor - the rich do not reinvest the $$ they make into economy). A lot of this $$ belongs to politicians so I doubt if much investigation will be done. So the rich gets richer and build their billion $ palaces right next to shanty towns with no toilets where 75% of pop live on less than $2 a day.

Singapore is trying to capitalize on this since Swiss secrecy has been pried open by US. Would not be surprised if the Indian $$ flows to Singapore at the detriment of the motherland!

Black Money In Swiss Bank

Swiss Banking Association report 2006


by Naman Sood on Apr 15, 2008 01:44 PM


Deposits in Banks located in the territory of Switzerland by nationals of following countries

Top 5

India---- $1456 billion
Russia----- $470 billion
UK-------- $390 billion
Ukraine $100 billion
China------ $96 billion

Now do the math India with $1456 billion or $1.4 trillion has more money in Swiss banks than rest of the world COMBINED.
Public loot since 1947: Let us bring back our money

M R Venkatesh | April 15, 2008 | 09:34 IST

It is one of the biggest loots witnessed by mankind -- the loot of the aam aadmi (common man) since 1947 by his brethren occupying public office.

It has been orchestrated by politicians, bureaucrats and some businessmen. The list is almost all-encompassing. No wonder, everyone in India loots with impunity and without any fear.

What is even more depressing in that this ill-gotten wealth of ours has been stashed away abroad into secret bank accounts located in some of the world's best known tax havens. And to that extent the Indian economy has been striped of its wealth.

Ordinary Indians may not be exactly aware of how such secret accounts operate and what are the rules and regulations that go on to govern such tax havens. However, one may well be aware of 'Swiss bank accounts,' the shorthand for murky dealings, secrecy and of course pilferage from developing countries into rich developed ones.

In fact, some finance experts and economists believe tax havens to be a conspiracy of the western world against the poor countries. By allowing the proliferation of tax havens in the twentieth century, the western world explicitly encourages the movement of scarce capital from the developing countries to the rich.

In March 2005, the Tax Justice Network (TJN) published a research finding demonstrating that $11.5 trillion of personal wealth was held offshore by rich individuals across the globe. The findings estimated that a large proportion of this wealth was managed from some 70 tax havens.

Further, augmenting these studies of TJN, Raymond Baker -- in his widely celebrated book titled Capitalism's Achilles Heel: Dirty Money and How to Renew the Free Market System -- estimates that at least $5 trillion have been shifted out of poorer countries to the West since the mid-1970s. It is further estimated by experts that one per cent of the world's population holds more than 57 per cent of total global wealth, routing it invariably through these tax havens. How much of this is from India is anybody's guess.

What is to be noted here is that most of the wealth of Indians parked in these tax havens is illegitimate money acquired through corrupt means. Naturally the secrecy associated with the bank accounts in such places is central to the issue, not their low tax rates as the term 'tax havens' suggests. Remember Bofors and how India could not trace the ultimate beneficiary of those transactions because of the secrecy associated with these bank accounts?

Switzerland to stop undeclared funds into its banks
PTI, Feb 25, 2010, 09.16pm

BERN/NEW DELHI: In the backdrop of increased international pressure on its banking secrecy practices, Switzerland said it will prevent the flow of undeclared funds from foreign countries into the Swiss banks.

The Swiss Federal Council in a statement said that it is against attracting "undeclared funds from overseas".

The government would draw up various solutions to prevent new, undeclared funds from coming to Switzerland.

"With the objective of achieving clarity and legal security, the Federal Council therefore wants to push ahead with the regularisation of undeclared assets whilst at the same time ensuring that privacy is safeguarded," it noted.

Explaining its financial market strategy, Switzerland said it would continue to implement the OECD standards in tax issues and continue to cooperate with other countries in combating tax fraud and tax evasion in the future.

The Council has called for regularising undeclared assets.

Going by Swiss laws, tax fraud is considered as a criminal offence while tax evasion is punished with severe administrative fines and does not attract jail sentence.

"The Federal Council continues to reject the automatic exchange of information in terms of laying bare every detail of citizens' lives," the statement noted.

 

[johnny333]

I'm pretty that people like LKY has some money in Switzerland. Will he be effected by these changes

 

[longbow]

But the poor have been conditioned to belief they have real democracy?? Problem is the poor are too uneducated, too poor to ever face up to the rich.

 

[tanwahtiu]

Frankly speaking, you have to take into account of who teaches the natives to loots and keep/park their monies in the West. The POMEs perhaps. These white termites, Quilos, scan and scoop the world and teach the natives to greed and corrupt with their industrialize ecomony concept.

 

[GoFlyKiteNow]

Longbow

I am pretty well aware of these reports of huge Indian funds stashed up in secret Swiss bank accounts. There is also clear realization that these reports are unsubstantiated, non-verifiable and without any basis ( as far as the qty of money in these accounts). Numbers have been plucked out from nowhere and thrown about so often that they become "truth". Some study estimates the figures are less than 10% of the estimates. There could be many motives for media people to generate such reports and the quantum of money allegedly stashed. So it is pointless to wring hands on the basis of such reports and shed tears of despair. No Swiss bank will give out the numbers. And speculation is not a basis to use for reasoning.

Well , India is not the only country that has corruption. Maybe 95 % of all nations have corruption.

Democracy is not a magic cure for everything. It is not the best political system. But it is the one and only alternative between the devil and the deep sea. Because it has the ability to correct itself from the street up. The worst being the communist system.

Todate mankind has not found the best way of governance even after 10,000 years or more.

It is naive and illogical on your part to show some pictures of slums and poor and then imply that democracy is dysfunctional and not working , that corruption is the result from democracy and hence better to have communist system. That is kinder garden school logic. No one buys such simplistic logic.

 

[halsey02]

But the poor have been conditioned to belief they have real democracy?? Problem is the poor are too uneducated, too poor to ever face up to the rich.

Say that again?....how about the 'poor' in SINkingpore?, they believe in 'democarcy' too?, are they unenducated?? especially the 66.6% who assumingly voted???

:p

 

[johnny333]

it's a good thing they have this in Switzerland, that will discourage people like him from sucking more blood from the people...

how i wished the Swiss govt. do us Singaporeans a favour by disclosing Old Fart's Hidden Billions in those secret accounts...

then people will want his blood and kick him out of Parliament in this coming elections!

He'll probably go to the grave with all his loot but his kids will need all those gurkha guards when the 66% find out their CPF is gone

As for places like Switzerland there are less reputably places to hide money e.g. Spore. So clients like LKY may worry more about their loot being safe but don't expect it to slow down their looting.

The Swiss are taking these steps because of the pressure from the US & not to help Sporeans.

Today the Philipines haven't recovered all the $$$ Marcos stole. One of Marco's children is a senator in the Philippines & still claims her father is innocent. Suharto's children are living comfortably in Jakarta & everyone knows about the hotels, malls,... owned by the Suhartos.