Swiss Offshore Banking is still in a strong position according to the chairman of Swiss Bank Julius Baer, Raymond Baer. His statement comes as international investors fear for the privacy of their Swiss bank accounts following Switzerland’s decision to adopt OECD regulations regarding information exchange.
“International clients will continue to appreciate the
financial privacy traditionally anchored in Switzerland,” he said, indicating that Switzerland’s reputation may keep it afloat.
“Decisive is that the core of banking secrecy, the
protection of privacy, is kept and that it doesn’t come to an
automatic exchange of information,” he added.
These comments are likely to unnerve global leaders and charities looking for blanket adoption of the OECD rules by tax havens like Switzerland. Without automatic exchange of information it could take years for ‘stolen’ money from tax evasion cases to be repatriated.