Open secret of Swiss bank

Open secret of Swiss bank

Switzerland's banking secrets lying on his lock broke. Tax evaders going to lay Under the agreement signed with the international campaign Swiss bank secrecy for tax evaders will not get benefited now.

Organisations for Economic Cooperation & Development or OECD's tax affairs head pasker sent told to the news agency AFP, Also with this "bank secrecy" over done. The agreement between Switzerland in more than 60 countries to join the agreement, perhaps most importantly,

It is believed that the tax thief of around the world keep their black money in Swiss bank. All the countries of the world including India and Germany in action against corruption are upset because of the secrecy of Swiss banks.

Bilateral tax cooperation

Open secret of Swiss bank

OECD Secretary-General Angel Guria said that," Multilateral agreement on mutual administrative assistance in tax matters, Switzerland, to attend the "sign of this is clear and sturdy that he is Included in those countries which he considers essential to international tax cooperation. "

At the instructions of many developed countries, the OECD headquarters in France is campaigned against tax evasion and black money. Is still a major hurdle to be crossed. This decision does not just stamped by Swiss parliament is started. As long as there are not confirmed until it can not be executed.

The current structure of Swiss banking secrecy before the Second World War as it was acquired. By the victims of the Nazi regime found a way to protect hide their assets. For information about account holders Swiss bank are not committed.

India also affected

Use it in the world of tax evasion and black money was used to hide. It is believed that Indian tax evaders and corrupt the amount of several million has been deposited in Swiss banks. The world slowdown in 2008 And when it's implicated in the Eurozone debt crisis " heaven of tax evasion" would lead to calls for a shift in the Swiss banking policies.

particularly the U.S. tax department is extremely harsh stance against Swiss banks. Further controversy arose when several large Swiss bank account holders about the information from somewhere else began to show.

The world's largest economies in the agreement of the G-20 member countries and 40 other countries are involved. In all these countries to share information with one another to prevent tax fraud have agreed to share the drive.In such cases it was still investigating the laws of other countries, was trapped in And tax evaders had a chance to take advantage of it.

European Banking Supervisors

Meanwhile, EU officials approved a plan to create a banking supervisor. It would be governed by the European Central Bank And will monitor the EU's 130 largest banks. 28 countries at a meeting of finance ministers approved in Lgjemberg. It is expected that work will begin next year And European banks' balance sheets will identify potential capital shortfall.

Bank supervisors felt the need to help the authorities to take steps to rescue banks.He will be given a fund for this work.

All these combined measures of the EU banking union reportedly is ready.To determine whether a single country in case of bank failure would not impact on the stability of the entire region. However, some issues have yet to be agreement among ministers. In particular, several provisions related to saving the banks of the Authority.