This does not sound good for the banks. The crackdown on hidden money is putting pressure on the notoriously secretive Swiss banks. At a minimum it confirms the secretive and shady business practices of banks that have angered so many around the world. Going after individuals is all fine and good but it would be a step in the right direction if the EU and US also thought about applying similar rules to business. Offshore/hidden businesses have been avoiding regulation and taxes without nearly as much attention. Two weights, two measures.
The head of one leading private bank in Geneva said the growing determination of countries such as the US and Germany to tackle tax evasion and secrecy meant banks felt they had to take extra measures to protect employees.
“Some banks have taken this precaution,” he said. “If today I go to Germany to visit two banks I deal with...German customs can take me in and question me.”
The travel bans, which have not been brought in by all banks, have focused on those visiting the US, following the detention there last year of a senior private banker from UBS, Switzerland’s biggest bank, as part of a federal tax investigation.
