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Swiss Will Not Budge On Banking Secrecy Says Economics Minister

Ulrika Lomas, Tax-news.com, Brussels

15 February 2001

The words "not negotiable" have frequently been bandied about in recent months in relation to Swiss banking secrecy. Both the government and Swiss bankers are fiercely protective of their revered banking secrecy laws. Swiss Economics Minister, Pascal Couchepin, reiterated the country's stance this week during a visit to Singapore, saying that Swiss secrecy laws are - wait for it - "not negotiable" and that they do not hinder free trade.

Mr Couchepin was in Singapore to start talks towards a possible free trade agreement between Singapore and several European counries. Yet he also addressed the important issues of Switzerland joining the EU and the pressure being exerted on the alpine country to lift its banking secrecy rules. Mr Couchepin said at the end of his visit to Singapore and fledgling offshore financial centre Brunei: 'Swiss banking secrecy is often misunderstood', adding that the laws do not contradict Switzerland's desire for free trade.

Switzerland is currently agonising over whether to join the EU. Mr Couchepin is of the opinion that his country should opt in, but not just yet. Switzerland is due to vote on the EU issue next month. Matters are somewhat complicated by the fact that the EU is putting pressure on Switzerland to clamp down on tax evasion. That can only mean one thing: a radical overhaul of Switzerland's privacy laws, which is out of the question say the Swiss. Or, in other words, it's "not negotiable".

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