Wednesday, February 16, 2011

Easier access to Swiss bank accounts?

NDTV Correspondent, Updated: February 16, 2011 00:21 IST
New Delhi: The Swiss government says it is willing to relax the rules required for administrative assistance to get information on bank accounts in Swiss banks. This will help countries like India to trace 'black' money stashed in Swiss bank accounts.
So far, Swiss banking secrecy norms have been extremely rigid when it comes to getting information on account holders. Swiss laws require countries to have so much information beforehand that it is hard to even track an account. This is likely to become easier.
Usually, the name of the account holder, the account number and the also name of the bank are required to track accounts. But the Swiss authorities say under the new proposals they will be able to accept other forms of identification as well.
These proposals have been put forward after the global transparency forum in Paris said, in a report, the Swiss requirements were too rigid and it was difficult to get information on account holders.
The Swiss Parliament, which has traditionally been opposed to lifting banking secrecy, has to first clear these proposals for them to come into effect.
Swiss authorities insist that even under the new rules there will be no room for fishing expeditions; for them to cooperate, a strong case against the account holder and, reliable information will have to be furnished.
Easier access to Swiss bank accounts?

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