Switzerland’s Federal Council on August 26 announced that it will recommend that Parliament reject a move to heighten bank client confidentiality through the “Yes to the protection of privacy” initiative, launched by banker and Member of Parliament Thomas Matter.
The initiative, which received enough signatures to be put to a national referendum, would enshrine bank client confidentiality for Swiss citizens in the Federal Constitution. It would not interfere with international information exchange efforts like FATCA.
According to the Swiss Federal Council, the plan would prevent the accurate levying of federal, cantonal, and communal taxes and have other negative effects. The privacy of tax-compliant persons is sufficiently protected under existing law, the Council said.
The Swiss Bankers Association has also publicly come out against the initiative.
See:
Be the first to comment