Swiss banks' privacy under pressure from US and Europe
Algirdas Semeta, the European Union's official in charge of tax polices recently attempted to persuade the government of Switzerland on Monday to agree to divulge more information and data about its bank's clients as part of the global drive against tax evasion.
Semeta met with the European nation's Finance Minister Eveline Widmer-Schlumpf in Bern to discuss the matter.
Semeta told the press that "it is widely accepted worldwide today that the era of bank secrecy is over."
"Switzerland can gain from a stronger tax agreement with the EU with automatic exchange of information at its core. It would be a clear signal from Switzerland that it supports fair play," Semeta continued.
Switzerland is the world's largest center for offshore financing. The country currently holds an enormous $2 trillion worth of assets under its management. The funds are under pressure from governments of Europe and North America as they try to gather information on possible tax-evading identities.
Recently, U.S. authorities have made threats to indict several Swiss banks.
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