Swiss to reject undeclared assets
- Source: Global Times
- [02:43 February 26 2010]
- Comments
The Swiss government vowed Thursday to reject undeclared assets from foreigners, in a move to counter tax evasion and clean up the reputation of Switzerland's banking sector.
"Switzerland has a strong financial center and it is one that is important for its economy," the Swiss finance ministry said in a statement. "To preserve its integrity, the Federal Council (cabinet) is gearing its financial market strategy to that of managing declared assets."
The cabinet asked the ministry to find ways of preventing foreigners from hiding undeclared funds in Swiss banks.
"The Federal Council is against attracting undeclared funds from overseas," stressed the ministry.
"In order to prevent new, undeclared funds from coming to Switzerland, the Federal Department of Finance will draw up various solutions," it added.
The finance ministry added that it will also look at regularizing undeclared assets that are already held in Switzerland.
Swiss banks have been hit by a series of disputes with several countries, including the United States, Germany and France, over allegations that their citizens have hidden funds in Swiss bank accounts to evade taxes.
AFP
