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Switzerland 'will not accept untaxed money'
Switzerland has declared that it will no longer accept untaxed money into its banks, although the country has reiterated its commitment to banking secrecy, which may affect the offshore tax planning of some people.
The Swiss government is trying to ease the pressure on its banking industry as it faces increased scrutiny from authorities around the world, with an estimated $600 billion (£399 billion) of undeclared assets still in the Swiss system.
However, financial minister Hans Rudolf Mertz said that while the government is committed to finding a solution, the automatic exchange of information would spell the demise of banking secrecy and would damage the Swiss financial market.
"We are not interested in untaxed money," he declared, reiterating the country's commitment to conforming to internation standards regarding tax matters.
Switzerland recently discussed the prospect of exchanging tax and financial information with Korea, including details about secret Swiss bank accounts held by Koreans.
Posted by Susie Cho.
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