Swiss Rubik deals are sliding backwards
Politically speaking, Rubik is sliding backwards, though it's not a simple story.
"Most likely, the [Swiss] tax agreement with Germany is doomed to fail."
"The automatic exchange of information would be more favourable to us."
“The Swiss fiscal refuge is over.”
"Today I met several bankers in Zurich. They were all shaking their heads saying, ‘In 40 years of operations we’ve never had a crisis like this one – a war like the one being waged against the Swiss banking system. We’re in the artillery sights of every country and every day there are new attacks’,” recounted Paolo Bernasconi, a business law professor at St Gallen University and former Ticino public prosecutor.
"Many bank directors are unable to leave Switzerland because they risk being arrested.”
“I would say the banking secrecy is undoubtedly one of the biggest assets Switzerland had. Of course no one really can say how many billions of dollars, or German Deutsche Marks, today euros, came to Switzerland for this protection aspect, but it was at least a big issue. On the other side, I am pretty sure that the political stability, we have peace in Switzerland, we have a strong currency, are also additional assets of our country. These assets, I think, must be strengthened for the future because the bank secrecy as we have known it for the last 40 years that’s done. Banking secrecy, bank secrecy for tax fraud and tax evasion reasons, that’s done.”
"I think it is fair to say we are seeing strengthening of transparency on bank account secrecy. That’s well and good, but what we’re not seeing is improvements of transparency in other areas, particularly off-shore companies, and off-shore trusts, and off-shore fiduciaries, and that’s the next big step. Because otherwise, simply tackling bank secrecy will lead to a trend towards much, much more complex secrecy structures involving off-shore trusts, and off-shore companies."