Switzerland has disclosed confidential information to the United States

06.02.2012 Recently the Government of Switzerland has made an official statement that banks of the state are ready to cooperate with tax authorities of the United States of America. The bank Credit Suisse as well as seven other financial institutions of the country has made the final decision to provide confidential information about clients’ accounts, transactions and balances on such accounts to the USA tax authorities.

The first step towards the realization of this solution was the provision the USA authorities with access to 6 mln. e-mails of customers to the relevant consultants of these credit organizations.

The legal basis for such a disclosure of confidential customers’ information on bank accounts will be a new tax treaty between the USA and Switzerland that is going to be signed the current year.

Expert’s opinion

“It seems that the topic on the Swiss banks provision the USA authorities with confidential information about clients’ accounts that has had so many discussions for a long period of time reached its culmination in 2012.

Unfortunately, today we have the opportunity to observe the gradual destruction of the banking secrecy institution, so carefully guarded by Switzerland for hundreds of years. It seems that the signing of a new tax treaty with the United States will have negative impact on the foreign investments inflow into the banking sector of the confederation.

Perhaps, the potential capital will find its "safe haven" in the banks of Austria or Germany that are considered one of the most reliable in Europe”.

On the basis: www.swissinfo.ch

Vorontsova Maria ( the lawyer of international consulting of Honest&Bright)