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Sunset over Swiss Banking Secrecy

Sunday, March 7th, 2010

The government, seeking to avoid the automatic exchange of information, said on February 25, 2010 it intended to prohibit the filing in Switzerland of foreign funds that were not reported to their taxing authority, and regulate ‘gray’ money. The methods for achieving this remain uncertain, and the government wants bilateral negotiations with each major tax partner of Switzerland. The automatic exchange of information will effectively remove the last vestiges of Swiss bank secrecy.

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