Thursday, April 26, 2012

Swiss identify UK as partner in secrecy fight

For a long time we have been identifying Switzerland's main allies in the political chess game to preserve financial secrecy in Europe. Inside the Euro area, it is Luxembourg, and to a lesser extent Austria, both of which are important secrecy jurisdictions in their own right. Outside the Euro zone but inside Europe, we have identified the UK (led by the City of London, and its offshore satellites) as Switzerland's chief ally in pushing against transprency.

Nobody wants to admit to any of this, of course.  Now, however, Swiss voices confirm our analysis of who Switzerland's allies are. In the words of Urs Schwaller of the centre-right Christian Democrats, a Swiss Senator, speaking to Swissinfo:
We’ll see if there are other countries which, like us, reject the resolution. I think it would at least be in the interest of Luxembourg, and also of Austria and perhaps of Britain if everything that these countries have done in the past few years to deal with the issue was pointed out.
Not the definitive confirmation, of course, but as good as we are going to get for now.

One thing, Mr. Schwaller. It is not in the interests of "Britain" to do this. It is in the interests of certain financial players in Britain to do this. Please do not confuse the two.

The Swissinfo story has lots of interesting detail, including a reference to our Financial Secrecy Index. Unsurprisingly, the Swiss hate it, they huff and puff about it because Switzerland's at the top! Further analysis of the story from Tax Research, here.


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