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Rank: Advanced Member
Joined: 10/31/2009
Posts: 3,742
Points: 7,777
Location: here and there
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Swiss banks are known for their secrecy and hence a lot of these banks have often attracted criminals or money launderers to open accounts. But, as I was reading about them online, it appears as though a proper law regarding co-operation with criminal investigation and jurisdiction has been in place for Swiss banks since 1934. Yet, how come we still hear about corrupt politicians and other influential rich people having black money in these banks? Something fishy, somewhere? They also happen to be some of the the best running banks in the world. (though I read Switzerland ranks very high as far as GDP is concerned, even higher than some larger European nations) Here are some online materials about them: http://swiss-bank-accounts.com/e/banking/7myths.htmlhttp://www.isyours.com/e/banking/secrecy/index.htmlhttp://www.isyours.com/e/banking/secrecy/banking.act.html
Gotcha, bud, again
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Rank: Advanced Member
Joined: 2/22/2010
Posts: 410
Points: 1,183
Location: Australia
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Thank you, kisholoy mukherjee. That was most informative, and lifted the veil on some stigmas I had of Swiss Banks.
I shall pass through this world but once. Any good that I can do to a fellow creature, let me do it now. For I may never pass this way again. (unknown)
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Rank: Advanced Member
Joined: 4/11/2010
Posts: 69
Points: 192
Location: India
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In India, politicians and rich (need not be used corrupt and influential)do not store their booty in Swiss banks.They are not that much intelligent. They rely on Swamigis and Babas, who cater their needs at the time of elections. This process is simple and safe for them.
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Rank: Newbie
Joined: 4/21/2010
Posts: 5
Points: 15
Location: United States
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I have been following the recent developments happening around the rift between one of the major Swiss bank and IRS. lot of US nationals hid the money Swiss banks to evade their taxes. US government has been demanding to reveal up to 52000 citizen names who has Swiss bank accounts. But finally happened? IRS and Private bank came to a settlement in which it handed over only 250 names and payed a penalty of 780 million dollar.
I personally feel that if IRS had a tough time in getting the names from the private bank, how easy for Indian government to get the Indian citizens Swiss account list and recover the money. I would be very happy if Indian government demands a list of names like US did last year.
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Rank: Advanced Member
Joined: 12/27/2009
Posts: 3,253
Points: 9,940
Location: UK
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Swiss bank secrecy does not protect private banking information; the protections afforded under Swiss law are similar to confidentiality protections between doctors and patients or lawyers and their clients. The Swiss government views the right to privacy as a fundamental principle that should be protected by all democratic countries. While secrecy is protected, in practice all bank accounts are linked to an identified individual, and a prosecutor or judge may issue a "lifting order" in order to grant law enforcement access to information relevant to a criminal investigation.
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Rank: Newbie
Joined: 1/24/2012
Posts: 7
Points: 21
Location: Kent
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Swiss banks are mostly known for the black money from all around the world and i am sure more than 50% there is black money in Swiss banks. UN take some special steps to stop this black money laundry but the things are not changing on this system.
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