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Essay / Research Paper Abstract
This 6-page paper discusses how the U.S. and EU are fighting the privacy rules under which Swiss banks have operated for decades. Bibliography lists 12 sources.
Page Count:
6 pages (~225 words per page)
File: AS43_MTswisbank.rtf
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Unformatted sample text from the term paper:
Swiss bank accounts. Pierre Bessard, a Swiss businessman, allowed as he understood how this could boost peoples impression of Switzerland as a "haven for criminals or dictators who want to
protect their funds from taxes or oversight" (2009). But for those in Switzerland, Bessard wrote, the financial privacy laws provide "a foundation for individual dignity and basic property rights" (2009).
Bessard had a point that Switzerlands laws have allowed people to save money in peace, without fearing their basic rights would be trampled upon. But those same laws that protect
rights have also allowed for all kinds of criminal mischief. The U.S. Justice Department ended up filing a lawsuit against UBS, seeking the
names of 52,000 account holders suspected of tax evasion (Bessard, 2009). Furthermore, the European Union has launched its own sallies at the Swiss banks, claiming they offer too-favorable tax rules
(Bessard, 2009). Part of the issue with Switzerland involves Swiss sovereignty, while the other involves the fact that the Swiss consider tax evasion as a "mere administrative offense" rather than
a crime against a nation (Bessard, 2009). But the main fact of Swiss banking is that of trust and a locked-tight bank-client confidentiality
that has been in place for decades (Geiger and Hurzeler, 2010). But this is changing in recent years. U.S. tax enforcers and
their international counterparts have put pressure on the Swiss banks - and their banking laws - and are demanding that the banks give over data (Morais and Novack, 2008). Meanwhile,
the Swiss are, for the most part, sticking to their privacy laws, with individual treaties being negotiated for each country when it comes to financial disclosure. Overview
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