Swiss Bankers In Talks With OECD Over Banking Secrecy

by Carla Johnson, Investors Offshore.com

12 June 2002

A delegation of Swiss bankers met with representatives from the Organisation for Econonomic Cooperation and Development (OECD), and the Financial Action Task Force (FATF) in Paris this week.

Speaking to the Swissinfo news service, Swiss Bankers Association spokesman, James Nason revealed that the delegation, which was headed by SBA director, Urs Roth was trying to correct any misunderstandings with regard to Switzerland as a financial centre.

The Alpine jurisdiction has come under fire from all sides of recent months, and - in addition to the EU savings tax dispute which has stalled negotiations over a second set of bilateral treaties - the Swiss banking sector was forced this week to defend itself against accusations that the country had been less than cooperative in assisting Holocaust survivors and their relatives recover stolen assets after the war.

Condemning the EU's attack on the coutry's banking secrecy laws as 'unfair', Mr Nason pointed to the fact that the Swiss authorities provide full judicial assistance in the investigation of crimes which are punishable under Swiss law.

Swissinfo reported that the delegation also made it clear to the OECD and the FATF (of which Switzerland was a founding member), that the country has been at the forefront in terms of implementing the FATF's anti-money laundering recommendations.

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