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Swiss To Take Tough Stance On Client Data Leaks

by Ulrika Lomas, Tax-News.com, Brussels

18 August 2014


The Swiss Federal Council has backed calls to close a legal loophole that currently makes those who pass on client data stolen from a financial institution or use it for their own benefit ineligible for prosecution.

The Council has signaled its support for proposals drawn up by the Economic Affairs and Taxation Committee of the National Council (EATC-N), which would affect the entire financial sector. Under the plans, it would be possible to impose more severe penalties on anyone who procures an economic benefit from violating banking secrecy laws or the other professional confidentialities in the financial market sector.

The aim of the initiative is to improve client data protection, and strengthen confidence in Switzerland as a financial center. The hope is that the reforms will ultimately contribute to improving its competitiveness.

The Federal Council stressed that the proposed legislative changes will not be rendered superfluous by the introduction of new automatic exchange of information (AEOI) provisions. It added that it cannot be assumed that all countries will conclude AEOI agreements with Switzerland.

TAGS: tax | offshore confidentiality | tax information exchange agreement (TIEA) | banking | international financial centres (IFC) | offshore | agreements | offshore banking | banking secrecy | Switzerland | penalties

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