ENDED??!? I do not think so, that is like saying that the nazis are gone, just a different generation, the american nazi party is headquartered in Arlington, VA where our pentagon is, we brought a bunch in b/c they were good at science, math, rocket engineering, u don't think all that rubbed off on americans? Like the S King movie, "Apt Pupil"....that stuff is real,
BOTH the IOC and FIFA are headquartered in Switzerland, famous for being insular, secrets galore, money, efficient as well, swiss watches and swiss army knives, i got one as a present, probably still at my mom's house..
Swiss banking secrecy, as a means to hide untaxed money, has largely ended for foreign clients due to international agreements. However, Switzerland still maintains a strong level of client confidentiality, making it a leading global hub for asset protection and financial stability.
Evolution of Swiss Banking Secrecy
- Historical Secrecy: Swiss banking secrecy has a history of over 300 years, formally codified in the Federal Act on Banks and Savings Banks of 1934, which made the disclosure of client information a criminal offense. This was used to attract wealth and protect assets during times of political instability, including those of victims of Nazi persecution, but also by those seeking to evade taxes or hide illicit funds.
- International Pressure and Reform: Starting in the late 20th century, international pressure to combat money laundering, tax evasion, and terrorism financing led to significant reforms.
- Automatic Exchange of Information (AEOI): In 2017, Switzerland adopted the international standard for the Automatic Exchange of Information (AEOI), or Common Reporting Standard (CRS). Under this agreement, Swiss banks automatically share financial account information of non-resident clients with their home countries' tax authorities for tax auditing purposes. This effectively ended the traditional "secret" banking for tax evaders from participating countries
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