Swiss banks have always been a safe haven for the tax evaders and scamsters.The secrecy laws of the Swiss banks give a great way to the tax evaders and the scamsters to hide their money. People from nations like Europe, US and even India are opening their accounts in Swiss Banks and live tension free and fearless lives.
The secrecy laws in Swiss banks are believed to be strict and that no body else other than the account holder can come to know the details of the account and amount that is being deposited or has been deposited in the bank. It is also believed that no authority from the bank asks upon the details of the money being safely deposited in the bank.
Source of money is not enquired
Details such as from where the money has come, why it is being deposited in their bank are never asked to the account holder. Also it is not a very tough job to open up an account in the Swiss banks. So many corrupt leaders, entrepreneurs, and other people with a lot of money trying to evade tax paying process hide their money in Swiss banks.
Switzerland is heavily benefited !
This act of hiding money in Swiss banks is weakening the financial status of countries from within. What money must be legally paid as tax in the country is safely being hidden in the banks of Switzerland. This is enriching the financial state of Switzerland too.
Recent Changes in Swiss Financial Policy
The black money hideout, Swiss banks, are safe haven for many people is what has been believed over a long period of time. The current reports however beg to differ. According to a report of Reuters, Switzerland’s Finance Minister has said that the untaxed money will not be accepted by the banks here.
They are going to find out whether the money being deposited by the account holder is ‘black’ or ‘white’. He also said that about $ 600-700 billion of assets are still undeclared and hidden in their country and that a solution for the same will be taken out soon.
This has been a bold statement on their part and now many people are wondering whether the Swiss banks will continue to be their safe haven. The justice minister of Switzerland said that tax evasion and tax frauds are two different things. Tax evasion cannot be treated as a crime and that it can be labeled as misdemeanor.
Switzerland is now also adamant on enquiring the foreign investors before accepting their money in their accounts. But not all the people have mend their ways and are still opening accounts in Swiss banks. This proves that people are still keeping their money easily there and other countries are still looking with hope that their citizens will pay taxes and keep the money safe in the country itself.