Tax havens: Switzerland poses as a victim of the G20

Tax havens: Switzerland poses as a victim of the G20

Bern : Switzerland | Nov 05, 2011 at 5:21 AM PDT
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Why tax evaders seek Swiss banks? Part 3 of 4

Sarkozy puts pressure on Switzerland, "announced one Saturday morning in La Tribune de Genève. Cuenod Jean-Noel, Special Envoy of the newspaper in Nice, ends his editorial with these words:" The economic situation in Europe is such that banking secrecy seems more threatened than jamais.La Confederation believes that the other victim of the G20, after Greece. Indeed not found does not ostracized by the international community, along with ten other small entities bleak as tax Antigua and Barbuda, Seychelles and Vanuatu?

The French president, supported by Barack Obama, has entered the top of Cannes on Friday night, saying: "Switzerland and Liechtenstein will not qualify for phase two of the review of fiscal transparency as they will not remedy certain deficiencies that are identifiées.En Clair, the G20 sanctions the refusal of Switzerland (and its appendix, Liechtenstein) to carry out the automatic exchange of information between national tax authorities.

France protects the Monaco

But there is no greater affront to Bern than being compared to small exotic tax havens. Unlike Paraguay or Panama, Switzerland is a true democracy. Its judges meet international letters rogatory. And its banks, despite a few snags, shall be deemed in the world. Radio Suisse Romande immediately gave the floor to Pascal Saint-Amans, head of the Organization for Economic Cooperation and Development (OECD). For the latter, "it is unfortunate that Switzerland has been put forward, because progress has been made."

Certainly, according to the NGO network Tax Justice Network (TJN), Switzerland is well ahead of the top 15 most dangerous territory, but his immediate following, the Cayman Islands, Luxembourg and Hong Kong, beyond the black list G20. Time, Another day in Geneva, noted that the G20 savings tax havens "under the influence of its members." The United Kingdom protects the Channel Islands, China, Hong Kong, and France, the principality of Monaco, located in a boost for the city of Nice.

3000 billion

Unlike other exotic places singled out by the G20, the Confederation, known for its banking secrecy remains a huge black hole of finance. It is estimated that 28% of global offshore wealth thrives in bank vaults in Geneva, Zurich and Lugano, nearly 3000 billion. Luxembourg is second with 18% and the UK, with 14%. With the crisis of the European currency, every day, the equivalent of $ 80 billion is the subject of a transaction between the euro and Swiss franc.

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Liechtenstein has long been known as a secretive tax haven
Liechtenstein has long been known as a secretive tax haven
Abdel Fattah Hussein is based in Cairo, Kairo, Egypt, and is a Reporter on Allvoices.
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