2 Swiss banks to end 200-yr secrecy and publish financials


B00Mer
#1
2 Swiss banks to end 200-yr secrecy and publish financials



Two Geneva-based banks that have kept their finance sheets shrouded in secrecy since 1796 will publish their earnings amid pressure from abroad.

Lomard Odier and Pictet, two of Switzerland’s largest independent private banks, will report financials in August, Bloomberg News reports, citing a source from Odier.

Lombard Odier, Geneva’s oldest wealth management firm, will report August 28, with Pictet also due to report by the end of the month.

Together the banks oversee about $630 billion in asset management, both private and institutional, according to Bloomberg.

Pichet is under investigation by the US Justice Department, along with a dozen other Swiss banks for helping Americans dodge taxes. Lombard Odier has voluntarily agreed to swap information with US authorities.

After much delay, last year Switzerland, the world’s largest offshore wealth center, signed an agreement to share financial data with tax authorities in the US and Europe.

In October 2013 a convention with the Organization for Economic Cooperation and Development (OECD) and agreed to exchange data with 60 member countries, including neighbors Germany and France looking to track down tax evaders.

The US has an especially tumultuous relationship with Switzerland over tax evasion, and has threatened billions in claims if the country didn’t make banking more transparent.

Switzerland’s oldest private bank, Wegelin & Co., shut its doors after it pled guilty to helping Americans hide more than $1.2 billion from the International Revenue Service (IRS).

In February 2014, Credit Suisse was accused by the US Senate of storing more than 12 billion Swiss francs for more than 22,000 American clients.

Pressure reached a peak in 2009 when Switzerland’s biggest lender UBS admitted to helping 52,000 American clients evade taxes.

Switzerland is home to more than $2 trillion in assets that are held in more than 300 private banks.

source: rt.com/business/182204-swiss-...ampaign=chrome (external - login to view)
 
Grievous
#2
This is what bugs me most about Swiss banks.


We have celebrities in this country like Shania Twain who claim to love Canada.....just love it....yet they offshore all their millions to avoid Canadian taxes.


It's almost treason.
 
B00Mer
#3
Quote: Originally Posted by GrievousView Post

This is what bugs me most about Swiss banks.

We have celebrities in this country like Shania Twain who claim to love Canada.....just love it....yet they offshore all their millions to avoid Canadian taxes.

It's almost treason.

JG Wentworth - Its My Money amp I Need It Now Commercial - YouTube

 
gopher
+1
#4  Top Rated Post
Let's hope this will be the beginning of the end for all tax shelters. Once this has been done and all the capital recaptured, the USA and Canada will have enough cash to rebuild the infrastructure and end all debts. It's time for the wealthy elite queens to get off the welfare rolls and pay their share of taxes like everybody else.
 
MHz
#5
Quote: Originally Posted by GrievousView Post

This is what bugs me most about Swiss banks.


We have celebrities in this country like Shania Twain who claim to love Canada.....just love it....yet they offshore all their millions to avoid Canadian taxes.


It's almost treason.

A better (worse) example is former PM Martin and Canada Streamships.
 
gopher
+1
#6
A 2012 report from the Tax Justice Network estimated that between USD $21 trillion and $32 trillion is sheltered from taxes in unreported tax havens worldwide. If such wealth earns 3% annually and such capital gains were taxed at 30%, it would generate between $190 billion and $280 billion in tax revenues, more than any other tax shelter.


Tax Justice Network - Wikipedia, the free encyclopedia (external - login to view)



End all tax shelters and back back all that capital - this will end all economic woes, rebuild the infrastructure, and can even lead to an end to the individual income tax.
 
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