Swiss minister hints at 'concessions' on banking secrecy
source: http://www.breitbart.com/article.php?id=CNG.2b0b8bd405048e19f36fa896834ca058.ca1&show_articl...
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Finance Minister Hans-Rudolf Merz said Saturday that Switzerland might have to make some concessions on banking secrecy to avoid being placed on an international backlist.
Merz launched a staunch defence of banking secrecy in a speech to the centre-right Radical Party (FDP).
"We will not to abandon banking secrecy," Merz said.
"The automatic exchange of information has to be rejected," he added, referring to a key demand of European critics who say that secrecy encourages tax evasion.
But Merz accepted that some items might be a matter for discussion, according to remarks reported by the Swiss news agency ATS-SDA.
"Maybe we will have to make concessions in one case or another," he said, without elaborating.
The finance minister said that to avoid the risk of sanctions against Swiss banks, Switzerland should have something to offer in dialogue on the matter at the Organisation for Economic Cooperation and Development (OECD).
In recent months, Switzerland has faced growing international criticism especially in the United States and in the European Union.
Merz launched a staunch defence of banking secrecy in a speech to the centre-right Radical Party (FDP).
"We will not to abandon banking secrecy," Merz said.
"The automatic exchange of information has to be rejected," he added, referring to a key demand of European critics who say that secrecy encourages tax evasion.
But Merz accepted that some items might be a matter for discussion, according to remarks reported by the Swiss news agency ATS-SDA.
"Maybe we will have to make concessions in one case or another," he said, without elaborating.
The finance minister said that to avoid the risk of sanctions against Swiss banks, Switzerland should have something to offer in dialogue on the matter at the Organisation for Economic Cooperation and Development (OECD).
In recent months, Switzerland has faced growing international criticism especially in the United States and in the European Union.
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