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Swiss must be creative with banking secrecy

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http://www.swissinfo.ch/eng/front/Swiss_must_be_creative_with_banking_secrecy.html?siteSect=105&sid=10358472&cKey=1235294066000&ty=st


On Wednesday UBS paid nearly SFr1 billion ($850 million) in fines and agreed to hand over details of 250-300 customers to avert criminal proceedings relating to a tax evasion investigation.


On Thursday US tax collectors issued UBS with a civil lawsuit seeking the identities of about 52,000 US clients who allegedly kept billions of dollars at the bank to dodge the Internal Revenue Service. UBS has said it will fight the case.


The Department of Justice had initiated criminal proceedings against UBS and the Swiss authorities obviously felt this could have serious consequences for the liquidity and existence of UBS.


The problem is that our neighbours are being denied the means they need to maintain their welfare states. That is the point that we have to understand. I don't really buy the argument that Switzerland should grant asylum to tax refugees because they are being pursued by high tax countries.


avert 避ける

evasion 回避

dodge 巧みに回避する,ごまかす

proceeding 訴訟手続き

grant 与える

asylum 保護施設

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