|
The Swiss Banker's Association said it was pleased with parliament's decision "because it means Switzerland can at last deliver what it promised in the agreement of last August," said spokesman James Nason. He rejected the suggestion that Swiss banks might now suffer an exodus of foreign clients fearful their details could be divulged next. "We've got no indications that's going to happen." Martin Naville, chief executive of the Swiss-American Chamber of Commerce, which has 2,450 members, said "a public vote with all those emotional topics would have been a tricky thing." Among the risks Swiss companies would have faced had the treaty been further delayed or even voted down were general insecurity, greater scrutiny by the IRS, and a refusal by Congress to ratify a new double taxation agreement that is vital to businesses operating in both countries, said Naville. "Had this been rejected we would also have put ourselves on top of the list of tax havens, whether justified or not," Naville added. But Naville said the decision was only one in a series of course changes taken by Switzerland on banking secrecy in recent year. The country's political and business leaders had realized long ago that "the time to hide money in Switzerland is over," he said.
[Associated
Press;
Copyright 2010 The Associated Press. All rights reserved. This
material may not be published, broadcast, rewritten or
redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor