Swiss number bank4/7/2024 ![]() ![]() The end of secrecy, combined with other pressures such as negative interest rates, may trigger the disappearance of a third of Swiss banks. There are also questions about whether the cleanup will lead to less tax evasion, or just push it elsewhere.īillions of dollars have oozed from Swiss banks as clients take part in government tax amnesty programs in Europe and the Americas. Customers are being told to pay their taxes or clear out their accounts. It's not clear whether Swiss banks will be able to hold on to their clients without the cloak of anonymity and how much more the industry will shrink. Switzerland’s biggest banks have paid fines and fingered their clients. That’s enabled the U.S. and other countries to break open the vault. Now whistleblowers and a crackdown after the 2008 financial crisis are creating a world less tolerant of offshore havens. ![]() Switzerland’s reputation for tight-lipped discretion made it a magnet for money from dictators and tax dodgers, along with the fictional assassin Jason Bourne. Crime writers and Hollywood producers take note: Secret Swiss bank accounts aren’t so secret anymore. ![]()
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