6 ms·

Swiss to end secret bank accounts

20 points by eisokant 18y ago

HSO 18y ago
I don't get it, how is this relevant to HN audience?
- lethain 18y ago
  It's important to keep in mind that--in the absence of downvotes--scores only mean that content is relatively more relevant than other content surrounding it, not that it is absolutely relevant to our audience. The current voting system encourages diversity, and it's diversity we get.
  - mechanical_fish 18y ago
    Weekends, in particular, are a whimsical time on HN.
nickh 18y ago
Switzerland has NOT decided to "end secret bank accounts". From a BBC News article: "while it will now abide by international rules on bank data sharing, it said it would only respond to "concrete and justified" requests." http://news.bbc.co.uk/2/hi/business/7941717.stm http://news.bbc.co.uk/2/hi/business/7941717.stm
- jwilliams 18y ago
  Plus - This isn't really huge news, and the reputation of Swiss bank secrecy is a little outdated - e.g. The US and Swiss authorities have been co-operating around Tax information for some time. Similarly, it's still incumbent on the Swiss to track and act on illegal flows of money (and they do).... It's still far from transparent, but it's not the citadel that some people think.
  - admoin 18y ago
    The main reason for this major change is that even in the presence of information-sharing provisions of treaties, Switzerland refused to provide any information on most account holders that were evading US (or other countries') taxes, on the rationale that evading non-Swiss tax was not a criminal offense in Switzerland. Cooperation was virtually nil, especially in the tax arena. Depending on the scope of the changes, this could be huge news.
- zupatol 18y ago
  'The end of the banking secret' was yesterday's headline of 'le temps', the most serious newspaper of the french speaking part of Switzerland. I didn't read the paper, but I watched a debate on television. The main thing that changes is that Switzerland drops the distinction between tax evasion (not mentioning some of your money) and tax fraud (forging documents). Now both are illegal. This article is weird, it quotes the times of london as its source and gets the capital of Switzerland wrong (it's Berne, not Zurich).
katz 18y ago
This is sad. One of the few places where banks still acted in their clients' interest rather than their own or the government's. All interaction between your lawyer and you or your doctor and you is private? Why not the same for you and your banker?
- sethg 18y ago
  If you conspire with your doctor or your lawyer to commit a crime, then your discussions in furtherance of that conspiracy are not privileged.
  - katz 18y ago
    Most (good) lawyers will keep their mouth shut even if they knew the details of a crime that you committed. They will happily burn any documentation before they hand any over to the government. Every conversation between you and your lawyer, doctor or priest is confidential – and none of them will rat you out. Banks (in my country at least) will hand over details of your bank statements without your knowledge to the government. --- It is only one part of my problem with banks. Banks generally act in their own interest. When you discuss a contract with a lawyer he will act in your interest. Your doctor will also act in your interest when he prescribes you medicine. A banker is the only entity that will give you "advice" that is more in his interest than yours. A good example is contracts with banks - their "standard" contract is extremely one sided.
    - jhancock 18y ago
      I see no reason for secret banking other to subvert laws. Secret banking is an enormous global problem which at its worst enables terrorism and drug trade. At "best" it enables the very wealthy to not pay their fair share. I hope these new changes are the tipping point and within 10 years, there will be no tax havens. If you have a problem with being overtaxed, the only respectful approach is to be active in managing how your government works. Subverting the process only makes things worse. And a "good" lawyer should never cover for crimes. It truly is not their purpose and perverts their privilege.
vinutheraj 18y ago
Whoa ... this means I need to change my account as soon as possible! Where else do they have secret accounts ?!
- nicara 18y ago
  I hear Nigeria is quite the place... No, on a more serious note, if you need a secret account, something about your attitude towards finances is wrong in the first place.
  - idont 18y ago
    If in some countries you work 6 month (per year) only for taxes, there is something wronger... If you work 1-2 month (per year) for taxes, the need for a secret account will be null...
    - nicara 18y ago
      I don't get it - taxes are a percentage of your overall income... so how can you have to work 6 months for taxes? I do realize that you have to work more to be able to make a living, but keep in mind that: - By working in any state, you are also subject to their rules/laws/customs. That means you have to pay taxes, and you don't pay them for nothing, but you get something in return. - If you disagree with the tax system in your country of choice, feel free to move somewhere else. But don't be a jerk and take the advantages (health care, free education up to a certain degree, ... the list goes on) without the disadvantages (giving a (admittedly quite considerable) part of your income to the state in the form of taxes). So, I rest my case. If you need a secret account, something with your attitude towards finances is wrong. Period. And on a more anecdotal level, let me say that I am by all means not someone who encourages a very restrictive government in terms of economy. E.g. I'm going to university in Sweden (though not from Sweden), but I'll never work here, simply because, while living here is great, taxes get ridiculously high when you earn more than the average. But tell you what, I'm not going to open a secret bank account, cheat the government and deceive the Swedish people.
      - 18y ago
idont 18y ago
Intersting fact: Many US customers want to get a "local" nationality to be no more American so that they can escape from all the US regulation.
steveplace 18y ago
Off to Singapore, I suppose.
- numair 18y ago
  You obviously didn't get the memo last week.
known 18y ago
Will it help in reviving the economy?

20 points by eisokant 18y ago

HSO 18y ago

I don't get it, how is this relevant to HN audience?

lethain 18y ago
It's important to keep in mind that--in the absence of downvotes--scores only mean that content is relatively more relevant than other content surrounding it, not that it is absolutely relevant to our audience. The current voting system encourages diversity, and it's diversity we get.
- mechanical_fish 18y ago
  Weekends, in particular, are a whimsical time on HN.

nickh 18y ago

Switzerland has NOT decided to "end secret bank accounts". From a BBC News article: "while it will now abide by international rules on bank data sharing, it said it would only respond to "concrete and justified" requests." http://news.bbc.co.uk/2/hi/business/7941717.stm http://news.bbc.co.uk/2/hi/business/7941717.stm

jwilliams 18y ago
Plus - This isn't really huge news, and the reputation of Swiss bank secrecy is a little outdated - e.g. The US and Swiss authorities have been co-operating around Tax information for some time. Similarly, it's still incumbent on the Swiss to track and act on illegal flows of money (and they do).... It's still far from transparent, but it's not the citadel that some people think.
- admoin 18y ago
  The main reason for this major change is that even in the presence of information-sharing provisions of treaties, Switzerland refused to provide any information on most account holders that were evading US (or other countries') taxes, on the rationale that evading non-Swiss tax was not a criminal offense in Switzerland. Cooperation was virtually nil, especially in the tax arena. Depending on the scope of the changes, this could be huge news.
zupatol 18y ago
'The end of the banking secret' was yesterday's headline of 'le temps', the most serious newspaper of the french speaking part of Switzerland. I didn't read the paper, but I watched a debate on television. The main thing that changes is that Switzerland drops the distinction between tax evasion (not mentioning some of your money) and tax fraud (forging documents). Now both are illegal. This article is weird, it quotes the times of london as its source and gets the capital of Switzerland wrong (it's Berne, not Zurich).

katz 18y ago

This is sad. One of the few places where banks still acted in their clients' interest rather than their own or the government's. All interaction between your lawyer and you or your doctor and you is private? Why not the same for you and your banker?

sethg 18y ago
If you conspire with your doctor or your lawyer to commit a crime, then your discussions in furtherance of that conspiracy are not privileged.
- katz 18y ago
  Most (good) lawyers will keep their mouth shut even if they knew the details of a crime that you committed. They will happily burn any documentation before they hand any over to the government. Every conversation between you and your lawyer, doctor or priest is confidential – and none of them will rat you out. Banks (in my country at least) will hand over details of your bank statements without your knowledge to the government. --- It is only one part of my problem with banks. Banks generally act in their own interest. When you discuss a contract with a lawyer he will act in your interest. Your doctor will also act in your interest when he prescribes you medicine. A banker is the only entity that will give you "advice" that is more in his interest than yours. A good example is contracts with banks - their "standard" contract is extremely one sided.
  - jhancock 18y ago
    I see no reason for secret banking other to subvert laws. Secret banking is an enormous global problem which at its worst enables terrorism and drug trade. At "best" it enables the very wealthy to not pay their fair share. I hope these new changes are the tipping point and within 10 years, there will be no tax havens. If you have a problem with being overtaxed, the only respectful approach is to be active in managing how your government works. Subverting the process only makes things worse. And a "good" lawyer should never cover for crimes. It truly is not their purpose and perverts their privilege.

vinutheraj 18y ago

Whoa ... this means I need to change my account as soon as possible! Where else do they have secret accounts ?!

nicara 18y ago
I hear Nigeria is quite the place... No, on a more serious note, if you need a secret account, something about your attitude towards finances is wrong in the first place.
- idont 18y ago
  If in some countries you work 6 month (per year) only for taxes, there is something wronger... If you work 1-2 month (per year) for taxes, the need for a secret account will be null...
  - nicara 18y ago
    I don't get it - taxes are a percentage of your overall income... so how can you have to work 6 months for taxes? I do realize that you have to work more to be able to make a living, but keep in mind that: - By working in any state, you are also subject to their rules/laws/customs. That means you have to pay taxes, and you don't pay them for nothing, but you get something in return. - If you disagree with the tax system in your country of choice, feel free to move somewhere else. But don't be a jerk and take the advantages (health care, free education up to a certain degree, ... the list goes on) without the disadvantages (giving a (admittedly quite considerable) part of your income to the state in the form of taxes). So, I rest my case. If you need a secret account, something with your attitude towards finances is wrong. Period. And on a more anecdotal level, let me say that I am by all means not someone who encourages a very restrictive government in terms of economy. E.g. I'm going to university in Sweden (though not from Sweden), but I'll never work here, simply because, while living here is great, taxes get ridiculously high when you earn more than the average. But tell you what, I'm not going to open a secret bank account, cheat the government and deceive the Swedish people.
    - 18y ago

idont 18y ago

Intersting fact: Many US customers want to get a "local" nationality to be no more American so that they can escape from all the US regulation.

steveplace 18y ago

Off to Singapore, I suppose.

numair 18y ago
You obviously didn't get the memo last week.

known 18y ago

Will it help in reviving the economy?