Switzerland fighting foreign pressure to reform banking secrecy laws
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Foreign pressure on Switzerland to overhaul its banking rules has met with
fierce resistance from the Swiss government, which is eager to protect a law
that makes it a crime for a banker to disclose client details.
Pressure is mounting on Switzerland from Germany, which is eyeing the
estimated £1,000bn deposited in Swiss banks after obtaining the bank details of
alleged tax evaders from a former Liechtenstein bank employee.
The Daily Telegraph reports that Germany is pushing for co-operation
from Swiss tax authorities, but Switzerland is defending its ground.
'Switzerland isn't a tax haven. The sovereignty of each state, in particular
with reference to its tax legislation, has to be respected,' Swiss finance
minister Hans-Rudolf Merz said.
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