Swiss Banks Tackling Tax Evasion Head On

Swiss Banks Tackling Tax Evasion Head On

from Dealbreaker

By telling its employees to lock the doors, draw the shades, get under the bed and hide. The Financial Times reports that in the face of questions about innocent stuff like helping clients evade taxes from meddling bastard countries like the US, etc, Switzerland's private banks have begun banning top executives from traveling abroad, "even to neighbouring France and Germany, because of fears they will be detained as part of a global crackdown on bank secrecy."

The head of one leading private bank in Geneva said the growing determination of countries such as the US and Germany to tackle tax evasion and secrecy meant banks felt they had to take extra measures to protect employees.

"Some banks have taken this precaution," he said. "If today I go to Germany to visit two banks I deal with...German customs can take me in and question me."

"The partners are not leaving Geneva at all," said a senior industry figure close to several private banks