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At 02:05 22/05/2000 -0400, you wrote:
> > Swiss banks WILL inform US authorities on demand as well in the future as
> > they already did in the past.
>
>I will have to disagree with you Claus. Swiss Banks will only reveal
>information
>pertaining to a client if there is proof beyond reasonable doubt that the
>Funds
>the "client" has in their banks originated or is affiliated with "Drugs".
>This
>is the only reason upon which Swiss Banks or Liechtenstein for that matter
>will
>reveal the information. That is the RAISON D'ETRE OF SWISS LAW
>
>Swiss Banks will not inform US authorities on DEMAND. You would as well
>say the
>Federal Reserve control the Swiss.
Shawn is correct. The US has to prove in SWISS Court that a citizen is
suspected of CRIMINAL activity before the banks would open their
books. Serious drug dealers and third world dictators may be concerned(!),
but the otherwise law-abiding private individual has nothing to worry
about. Tax evasion is not considered a criminal offence in Switzerland
...it is a civil matter. Therefore, when the IRS comes a knocking with
"demands" about tax-dodging private US citizens, Swiss Banks have always
told them to take a running jump. By law, Swiss banks will not even
confirm or deny that a customer has an account with them, let alone divulge
any transaction details. They don't even tell their own govt who owns what
bank account. For example, tax on interest is paid collectively (on behalf
of all the bank's customers) by the bank to the govt without ever divulging
individual details.
The US authorities obviously have a vested interest in scaring people into
thinking that they have the power to make other countries do exactly what
they say ...but this is not reality ...
I think there's information on the Swiss Embassy's web site that details
these confidentiality laws (I forget the URL address). Basically, it
states that your financial life is a private matter between you and your
banker which has nothing to do with anyone else. Quite right too!
Simon.
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