Swiss Banking Secrecy: No Problemo, No License!
Bloomberg reports: Jan. 22 (Bloomberg) — A UBS AG account holder won a Swiss court ruling that may prevent data from being disclosed to U.S. authorities in at least 25 cases involving suspected tax fraud. The failure to complete certain U.S. tax forms or declare income isn’t “tax fraud” that requires disclosure under treaties between the two countries, Switzerland’s Federal Administrative Court ruled in a judgment released today. The ruling is the second this month criticizing government decisions to give data to the U.S. I respect the right of The Swiss to define “tax fraud” however they’d like. I also respect their right to claim that US Citizens can do whatever they want in their nation. That’s fine. BUT - UBS has no right to a banking license in The United States. It does not have a right to ply its wares here, to buy and sell securities in the US markets, to solicit for business here or to enjoy any of the protections that a US business operation enjoys. Therefore, the correct response for the United States is to immediatel revoke UBS’ and all other swiss corporations licenses to operate in The United States.
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Swiss Banking Secrecy: No Problemo, No License!