Tuesday, 17 September 2013

BOS

Banking in Switzerland

From Wikipedia, the free encyclopedia
"Swiss Bank" redirects here. For the former bank, see Swiss Bank Corporation.
A Cantonal bank near Bern
Banking in Switzerland is regulated by the Swiss Financial Market Supervisory Authority (FINMA), which derives its authority from a series of federal statutes. The country's tradition of bank secrecy, which dates to the Middle Ages, was first codified in a 1934 law.[1] In 2011, banks represented 59.4% of the total value added of the Swiss financial sector, totalling CHF 35.0 billion representing 6.2% of the country's GDP.[2] UBS and Credit Suisse, the two largerst banks in Switzerland, were ranked globally at #19 and #25 among banks, with assets of approximately US$1.375 trillion and US$1.090 trillion, respectively.[3]
As of 11 October 2008, the banking industry in Switzerland has an average leverage ratio (assets/networth) of 29 to 1, while the industry's short-term liabilities are equal to 260 percent of the Swiss GDP or 1,273 percent of the Swiss national debt.[4]

History[edit source | editbeta]

Banking began in the eighteenth century by way of the riches of merchants. Wegelin & Co., established in 1741, was the oldest bank in Switzerland[5][6][7] until it restructured into a new legal entity in 2013.[8] Hentsch & Cie and Lombard Odier both private banks were founded in 1796 in Geneva, Pictet and Cie was established in 1805 as a merchant bank.[9][10][11][12][13] Hentsch & Cie were a founding member of the Swiss National bank during 1852.[14]

Overview[edit source | editbeta]

Interior of the Schweizerische Kreditanstalt (later Credit Suisse) main building at Paradeplatz (1876)
Switzerland is a prosperous nation with a per capita gross domestic product higher than that of most western European nations. In addition, the value of the Swiss franc (CHF) has been relatively stable compared with that of other currencies.[15] In 2009, the financial sector comprised 11.6% of Switzerland's GDP and employed approximately 195,000 people (136,000 of whom work in the banking sector); this represents about 5.6% of the total Swiss workforce. Furthermore, Swiss banks employ an estimated 103,000 people abroad.[16]
Swiss neutrality and national sovereignty, long recognized by foreign nations, have fostered a stable environment in which the banking sector was able to develop and thrive. Switzerland has maintained neutrality through both World Wars, is not a member of the European Union, and was not a member of the United Nations until 2002.[17][18]
Currently an estimated one-third of all worldwide funds held outside their country of origin (sometimes called "offshore" funds) are kept in Switzerland. In 2001 Swiss banks managed US$2.6 trillion. The following year they handled US$400 billion less which has been attributed to both a bear market and stricter regulations on Swiss banking.[19] By 2007 this figure has risen to roughly CHF6.7 trillion (US$6.4 trillion).[citation needed]
The Bank of International Settlements, an organization that facilitates cooperation among the world's central banks, is headquartered in the city of Basel. Founded in 1930, the BIS chose to locate in Switzerland because of the country's neutrality, which was important to an organization founded by countries that had been on both sides of World War I.[20]
Foreign banks operating in Switzerland manage CHF870 billion Swiss worth of assets (as of May 2006).[21]

Law and regulation[edit source | editbeta]

The Swiss Financial Market Supervisory Authority (FINMA) is a public law institution that supervises most banking-related activities as well as securities markets and investment funds.[22] Regulatory authority is derived from the Swiss Financial Market Supervision Act (FINMASA) and Article 98 of the Swiss Federal Constitution.
The office of the Swiss Banking Ombudsman, founded in 1993, is sponsored by the Swiss Banking Ombudsman Foundation, which was established by the Swiss Bankers Association. The ombudsman's services, which are offered free of charge, include mediation and assistance to persons searching for dormant assets. The ombudsman handles about 1,500 complaints raised against banks yearly.[23]

Statutes[edit source | editbeta]

Banking law of 1934[edit source | editbeta]

Swiss Parliament passed the Banking Law of 1934, which mainly concerned administrative matters such as bank supervision. The provisions, found in Article 47(b), were added before passage of the bill due to Nazi authorities' attempts to investigate the assets of Jews and "enemies of the state" held in Switzerland.[24]

Electronic payments[edit source | editbeta]

Swiss banks, as well as the post office (which handles some financial transactions) use an electronic payments system known asSwiss Interbank Clearing (SIC). The system is supervised by the Swiss National Bank and is operated via a joint venture.[25] SIC handled over 250 million transactions in 2005, with a turnover value of 41 trillion Swiss francs.[26]

Major banks[edit source | editbeta]

UBS is one of the largest banks in the world (offices in New York City)
As of 2008, there are 327 authorized banks and securities dealers in Switzerland,[27] ranging from the "Two Big Banks" down to small banks serving the needs of a single community or a few special clients.
UBS and Credit Suisse are respectively the largest and second largest Swiss banks and account for over 50% of all deposits in Switzerland; each has extensive branch networks throughout the country and most international centres.
Due to their size and complexity, UBS and Credit Suisse are subject to an extra degree of supervision from the Federal Banking Commission.[28]

UBS[edit source | editbeta]

Main article: UBS
UBS came into existence in June 1998, when Union Bank of Switzerland, founded in 1862, andSwiss Bank Corporation, founded in 1872, merged. Headquartered in Zurich and Basel, it is Switzerland's largest bank. It maintains seven main offices around the world (four in the United Statesand one each in London, Tokyo, and Hong Kong) and branches on five continents.

Credit Suisse[edit source | editbeta]

Main article: Credit Suisse
Credit Suisse is the second-largest Swiss bank. Based in Zurich, it was founded in 1856; its market capitalization (as of 2007) is US$95.2 billion, and the company has about 40,000 employees. Credit Suisse Group offers private banking, investment banking and asset management services. It acquired The First Boston Corporation in 1988 and merged with theWinterthur insurance company in 1997; the latter was sold to AXA in 2006.[29] The asset management services were sold to Aberdeen Asset Management in 2008 during the GFC.

Other banks[edit source | editbeta]

Central Bank[edit source | editbeta]

Main article: Swiss National Bank
Swiss National Bank headquarters inBern.
The Swiss National Bank (SNB) serves as the country's central bank. Founded by the Federal Act on the Swiss National Bank (16 January 1906), it began conducting business on 20 June 1907. Its shares are publicly traded, and are held by the cantons, cantonal banks, and individual investors; the federal government does not hold any shares.[30] Although a central bank often has regulatory authority over the country's banking system, the SNB does not; regulation is solely the role of the Federal Banking Commission.[31]

Private banks – Private bankers[edit source | editbeta]

The term private bank refers to a bank that offers private banking services and in its legal form is a partnership. The first private banks were created in St. Gallen in the mid-18th century and in Geneva in the late 18th century as partnerships, and some are still in the hands of the original families such as Hottinger and Mirabaud. In Switzerland, such private banks are called private bankers (a protected term) to distinguish them from the other private banks which are typically shared corporations. Historically in Switzerland a minimum of CHF1 million was required to open an account, however, over the last years many private banks have lowered their entry hurdles to CHF250,000 for private investors.[citation needed]

Cantonal banks[edit source | editbeta]

There are, as of 2006, 24 cantonal banks; these banks are state-guaranteed semi-governmental organizations controlled by one ofSwitzerland's 26 cantons that engage in all banking businesses.[32] The largest cantonal bank, the Zurich Cantonal Bank, had a 2005 net income of CHF810 million.[33]

Raiffeisen banks[edit source | editbeta]

Raiffeisen Switzerland "assumes the role of central bank" in providing treasury services, and is the third largest group consisting of 328 banks in 2011, 390 in 2012 with 1,155 branches.[34][35] During February 2012 P. Vincenz was chief executive.[36] During January an announcement was made that the non-U.S. businesses of Wegelin & Co, the oldest Swiss bank, would be bought by the Raiffeisen group. The group has 3 million plus clients within Switzerland.[6][7]

Banking privacy[edit source | editbeta]

Swiss bank secrecy protects the privacy of bank clients; the protections afforded under Swiss law are similar to confidentiality protections between doctors and patients or lawyers and their clients. The Swiss government views the right to privacy as a fundamental principle that should be protected by all democratic countries. While privacy is protected, in practice all bank accounts are linked to an identified individual. Moreover, the bank secrecy is not absolute: a prosecutor or judge may issue a "lifting order" in order to grant law enforcement access to information relevant to a criminal investigation.[37]

Taxation[edit source | editbeta]

Main article: Taxation in Switzerland
Swiss law distinguishes between tax evasion (non-reporting of income) and tax fraud (active deception). International legal assistance used to be granted only with respect to tax fraud. Under pressure from the OECD and the G20, the Swiss government decided in March 2009 to abolish the distinction between tax evasion and tax fraud in dealings with foreign clients. Switzerland adheres to the international OECD standards with regard to administrative assistance in tax matters (decision to take over the OECD Model Tax Convention, in particular Article 26)[38]
For Swiss taxpayers the distinction remains in place. Although not considered a crime and hence not prosecuted in a penal court, tax evasion is a serious offence under Swiss tax law and hefty financial penalties apply. In domestic prosecutions, banking secrecy may be lifted by court order in cases of tax fraud or particularly severe cases of tax evasion.[39]

European Union[edit source | editbeta]

Swiss Capital Market in billionCHF, Data from a Helvea Study[40]
Pressure on Switzerland has been applied by several states and international organizations attempting to alter the Swiss privacy policy. The European Union, whose member countries geographically surround Switzerland, has complained about member states' nationals using Swiss banks to avoid taxation in their home countries. The EU has long sought a harmonized tax regime among its member states, although many Swiss banking officials (and, according to some polls, the public) are resisting any such changes.[1]
However, Switzerland did not want to be seen as an obstacle to closer tax cooperation among EU-member states and decided to support the international efforts to adequately tax cross-border investment income. The retention tax agreed with the European Union (EU) in the taxation of savings income agreement is a suitable and efficient means of doing so. The EU is committed to eliminating existing loopholes in the system of taxation of savings income. Switzerland has expressed to the EU its willingness in principle to correspondingly adjust the taxation of savings income. Here it should be noted that Switzerland has adopted the OECD standard on administrative assistance and that the Federal Council rejects the automatic exchange of information.[41] Since July 1, 2005, Switzerland has charged a withholding tax on all interest earned in the personal Swiss accounts of European Union residents.
Switzerland is not a member of the European Union but, since December 2008,[42] is a part of theSchengen agreement.

United States[edit source | editbeta]

Swiss bank accounts cannot be opened without the holder signing a legal document asserting that they have no outstanding financial obligations to the IRS. Despite this, Swiss banks have been criticized for improperly shielding tax evaders.
In January 2003, the United States Department of Treasury announced a new information-sharing agreement under the already extant U.S.-Swiss Income Tax Convention;[43] the agreement was intended to facilitate more effective tax information exchange between the two countries.[44] However, Swiss policy has continued to come under international criticism, and in March 2009 Switzerland agreed to renegotiate more effective tax cooperation with the United States and other countries.[45]

Numbered bank accounts[edit source | editbeta]

Main article: Numbered bank account
Some bank accounts are afforded an extra degree of privacy. Information concerning such accounts, known as numbered accounts, is restricted to senior bank officers, rather than being accessible to all the employees of a bank. However, the information required to open such an account is no different from that of an ordinary account; completely anonymous accounts are not allowed by law. Should a criminal investigation take place, law enforcement has access to information related to a numbered account in the same way it has access to information about any other account.[46]

Money laundering[edit source | editbeta]

There are several measures in place to counter money laundering. The Money Laundering Act sets forth requirements of account holders' identification, and requires reporting of any suspicious transactions to the Money Laundering Reporting Office.[47]
According to the CIA World Factbook, Switzerland is "a major international financial center vulnerable to the layering and integration stages of money laundering; despite significant legislation and reporting requirements, secrecy rules persist and nonresidents are permitted to conduct business through offshore entities and various intermediaries..."[48] However, Switzerland's cooperation in transnational financial issues has been praised by several major U.S. officials. A Federal Bureau of Investigation anti-terrorism official noted that Switzerland was one of several countries to participate in joint task forces targeting financing of Al-Qaeda terrorist cells; a former Assistant Secretary of the Treasury praised Swiss cooperation and the country's assistance in the finding and freezing of terrorist and Iraqi assets.[49]

Bradley Birkenfeld whistleblowing case[edit source | editbeta]

Swiss bank secrecy was dealt a severe setback by the revelations made by ex-UBS banker Bradley Birkenfeld, who blew the whistle on UBS providing Americans with vehicles to hide up US$20 billion in assets to avoid taxes.[50][51][52] Birkenfeld's revelations to the U.S. government concerning UBS's practices led to a massive fraud investigation against the Swiss bank UBS.[53][54][55] As a result of the information he gave U.S. authorities, the DOJ announced it had reached a deferred prosecution agreement (DPA) with UBS that resulted in a $780 million fine and the release of previously privileged information on American tax evaders.[56][57]
On 11 September 2012, the U.S. IRS Whistleblower Office paid Birkenfeld a $104 million award for acting as a corporate whistleblower.[58] The Swiss media credit Birkenfeld's act with affecting a sea change in Swiss banking. After Birkenfeld's award, the Swiss newspaper Blick claimed, “Birkenfeld was a blessing for the Swiss financial industry,” in that his revelations helped accelerate the industry's transition away from from its reliance on “dirty” money by dooming the bank secrecy laws that enabled tax evasion.[59]
Birkenfeld has compared the Swiss banking industry with gangsters. "In essence, bank secrecy is analogous to criminal racketeering — and the Swiss government, along with every Swiss private banker, is a co-conspirator.[60]"

Allegations of black money[edit source | editbeta]

Swiss Banks are alleged to stash black money (money not reported to the government for tax purposes);[61][62] reportedly, the value of deposits in Swiss banks by Indians exceeds the value of deposits by any other nationality.[61] Editor-in-chief for WikiLeaks, Julian Assange, noted that, as per documents of bank accounts by a former banker and whistleblower Rudolf Elmer, the "names in the documents came from 'US, Britain, Germany, Austria and Asia' – from all over".[61][63][64][65][66][67][68]

Swiss banks and World War II[edit source | editbeta]

Several inquiries have been made into the conduct of Swiss banks during the Nazi Germany period (1933–1945), especially regarding funds deposited by or allegedly stolen from victims of the Holocaust. The campaign causing the highest outlays (US$1.25 billion in 1999) on the part of the Swiss banking industry as of 2009 was the World Jewish Congress lawsuit against Swiss banks launched byEdgar Bronfman, president of the World Jewish Congress, in concert with US Senator Alfonse d'Amato of New York.[69]
The audit run by the Volcker commission which resulted from this lawsuit cost CHF300 million and gave its final report in December 1999. It determined that the 1999 book value of all dormant accounts possibly belonging to victims of Nazi persecution that were unclaimed, closed by the Nazis, or closed by unknown persons was CHF95 million. Of this total, CHF24 million were "probably" related to victims of Nazi persecution.[70] In addition the commission found "no proof of systematic destruction of records of victim accounts, organized discrimination against the accounts of victims of Nazi persecution, or concerted efforts to divert the funds of victims of Nazi persecution to improper purposes." It also "confirmed evidence of questionable and deceitful actions by some individual banks in the handling of accounts of victims".[70]
In response to the lawsuit, the Swiss government commissioned an independent panel of international scholars known as the Bergier Commission to study the relationship between Switzerland and the Nazi regime. It reached similar conclusions about the banks' conduct in its final report,[71] and found that trade with Nazi Germany did not significantly prolong the war.[71]

International competition[edit source | editbeta]

See also: Offshore bank
With recent changes in the Swiss bank secrecy regime the assets held by foreign persons in Swiss bank accounts declined according to data by the Swiss National Bank (SNB) by 28.1% between January 2008 and November 2009.[citation needed] Other states, such asSingapore, have attracted depositors seeking privacy and protection. Having taken steps to make its banks more attractive, Singapore strengthened penalties for violators of bank secrecy (and now imposes steeper fines and longer jail sentences for offenders), and modified its laws on trusts and inheritance. Singapore is also now the location of Credit Suisse's international banking headquarters.[72]Despite these changes, however, Switzerland still ranks at the top of the Tax Justice Network's "Financial Secrecy Index" as of 2011.[73]

Notes and references[edit source | editbeta]

  1. ^ Jump up to:a b Gumbel, Peter (2002-09-08). "Silence Is Golden". Time Magazine. Retrieved 2006-06-16.
  2. Jump up^ "The Economic Significance of the Swiss Financial Centre". Swiss Banking. Retrieved 4 September 2013.
  3. Jump up^ "Top Banks Tracker: The World's Top Banks by Country". BankersAccuity. Retrieved 4 September 2013.
  4. Jump up^ Norris, Floyd (2008-10-11). "The World's Banks Could Prove Too Big to Fail – or to Rescue". The New York Times. Retrieved 2010-03-31.
  5. Jump up^ R Van Voris - bloomberg.com
  6. ^ Jump up to:a b Jan 27, 2012 - swissinfo.ch Retrieved 2012-07-10
  7. ^ Jump up to:a b The Wall street Journal - January 27, 2012 Retrieved 2012-07-10
  8. Jump up^ Neate, Ruper (4 January 2013), "Oldest Swiss bank Wegelin to close after admitting aiding US tax evasion", The Guardian
  9. Jump up^ (M Pohl, European Association for Banking History) -Handbook on the History of European Banks Y.Cassis - Banks and Banking in Switzerland in the nineteenth and twentieth centuries Edward Elgar Publishing, 1994 Retrieved 2012-07-11 ISBN 1852789190
  10. Jump up^ Pictet Retrieved 2012-07-11
  11. Jump up^ Y Cassis, J Collier - Capitals of Capital: A History of International Financial Centres, 1780-2005 Cambridge University Press, 23 Nov 2006 Retrieved 2012-07-11 ISBN 0521845351
  12. Jump up^ T-H Ballmer-Cao Switzerland: through the eyes of othersCoordinating Committee for the Presence of Switzerland Abroad, 1992 → [1]
  13. Jump up^ Lombard Odier Retrieved 2012-07-11
  14. Jump up^ D Kenyon-Rouvinez - Sharing Wisdom, Building Values: Letters from Family Business Owners to Their SuccessorsFamily Enterprise Publisher, 2002 Retrieved 2012-07-11 ISBN 1891652087
  15. Jump up^ "The World Factbook – Switzerland – Economy". Central Intelligence Agency. Archived from the original on 5 July 2006. Retrieved 2006-06-16.
  16. Jump up^ "The Economic Significance of the Swiss Financial Centre". November 2009. Retrieved 2010-05-10.
  17. Jump up^ "The World Factbook – Switzerland – Introduction". Central Intelligence Agency. 2006-06-13. Archived from the original on 29 May 2010. Retrieved 2010-06-02.
  18. Jump up^ "Country profile: Switzerland". BBC News. 2006-03-26.Archived from the original on 14 July 2006. Retrieved 2006-06-17.
  19. Jump up^ Cohn, Laura and Fairlamb, David (2003-10-27). "Swiss Banks: Paradise Lost". Bk. Archived from the original on 17 July 2006. Retrieved 2006-06-16.
  20. Jump up^ "Origins: Why Basel?". Bank of International Settlements.Archived from the original on 15 June 2006. Retrieved 2006-06-16.
  21. Jump up^ "Foreign Banks In Switzerland Manage CHF870 Billion In Assets". Dow Jones. 2006-05-29. Retrieved 2006-06-15.
  22. Jump up^ "About FINMA". Swiss Financial Market Supervisory Authority. Retrieved 2009-09-04.
  23. Jump up^ "Swiss Banking Ombudsman". Swiss Banking Ombudsman. Archived from the original on 20 July 2006. Retrieved 2006-06-17.
  24. Jump up^ Mueller, Kurt (1969). "The Swiss Banking Secret: From a Legal View". The International and Comparative Law Quarterly18 (2): 361–362. JSTOR 00205893.
  25. Jump up^ "Electronic payments in Switzerland". Swiss National Bank. Retrieved 2006-06-16.
  26. Jump up^ "SIC Statistics". Swiss Interbank Clearing. Retrieved 2006-06-16.
  27. Jump up^ "Figures on Switzerland as a location for financial services". Federal Department of Finance. 2009-12-31. Retrieved 2010-05-20.
  28. Jump up^ "Supervision of large banking groups". Swiss Federal Banking Commission. Retrieved 2006-06-17.
  29. Jump up^ "Company Profile" (PDF). Credit Suisse. Archived from the original on 15 June 2006. Retrieved 2006-06-17.
  30. Jump up^ "The National Bank as a joint-stock company". Swiss National Bank. Archived from the original on August 8, 2002. Retrieved 2006-06-16.
  31. Jump up^ "Players". Swiss Bankers Association. Retrieved 2006-06-17.
  32. Jump up^ "Bank groups". Swiss Bankers Association. Archivedfrom the original on 17 June 2006. Retrieved 2006-06-17.
  33. Jump up^ "ZKB Company Profile 2005" (PDF). Zürich Cantonal Bank. Retrieved 2006-06-17.
  34. Jump up^ Swiss Banking Association Retrieved 2012-07-10
  35. Jump up^ Unico banking group Retrieved 2012-07-10
  36. Jump up^ M Allen (Feb 28, 2012)swissinfo.ch Retrieved 2012-07-10
  37. Jump up^ "Swiss Bank Secrecy" (PDF). Embassy of Switzerland in Washington, D.C. Archived from the original on May 24, 2006. Retrieved 2006-06-16.
  38. Jump up^ "Switzerland to adopt OECD standard on administrative assistance in fiscal matters". Federal Department of Finance. Retrieved 2010-05-20.
  39. Jump up^ Locher, Peter; Blumenstein, Ernst (2002). System des schweizerischen Steuerrechts (in German) (6th. ed.). Zürich: Schulthess. p. 476. ISBN 3-7255-4342-9.
  40. Jump up^ Swiss Television (in german): 880 billion illegal money in Switzerland from 08.02.2010
  41. Jump up^ "taxation of saving income". Federal Department of Finance.Archived from the original on 27 April 2010. Retrieved 2010-05-10.
  42. Jump up^ "Switzerland To Open Bank Secrets to Russia". Pravda.ru. 2009-10-02. Retrieved 2009-09-21.
  43. Jump up^ "Treasury Announces Mutual Agreement with Switzerland Regarding Tax Information Exchange". U.S. Dept. of Treasury (KD-3795). 2003-01-24. Archived from the original on 11 June 2008. Retrieved 2008-06-20.
  44. Jump up^ "U.S., Switzerland Agree to Facilitate Exchange of Tax Information". The United States Mission to the European Union. 2003-01-24. Archived from the original on July 17, 2006. Retrieved 2006-06-18.
  45. Jump up^ Swiss to negotiate tax cooperation with US. The Associated Press, Wednesday, March 25, 2009; 12:49 PM. Washingtonpost.com. Retrieved on 17 October 2011.
  46. Jump up^ "Swiss Banking Secrecy" (PDF). Embassy of Switzerland in Washington, D.C. Archived from the original on 2006-05-24. Retrieved 2006-06-16.
  47. Jump up^ "Effective Legislation for Combating Money Laundering and the Financing of Terrorism" (PDF). Embassy of Switzerland in Washington, D.C. Archived from the original on May 28, 2006. Retrieved 2006-06-16.
  48. Jump up^ "World Factbook – Switzerland – Transnational Issues". Central Intelligence Agency. Retrieved 2006-06-16.
  49. Jump up^ "U.S. Testimonials on Swiss Leadership in Combating Money Laundering and the Financing of Terrorism" (PDF). Embassy of Switzerland in Washington, D.C. Archived from the original on May 26, 2006. Retrieved 2006-06-16.
  50. Jump up^ Coder, Jeremiah (September 2012). "IRS PAYS BIRKENFELD $ 104 MILLION WHISTLEBLOWER AWARD. (Section 7623 -- Expenses of Detecting Frauds)". Tax Notes Today. 2012 TNT 177-1 (177).
  51. Jump up^ Sheppard, Lee A. (September 12, 2012). "NEWS ANALYSIS: SWISS BANKING DEROBED: INTERNATIONAL IMPLICATIONS OF BIRKENFELD". Tax Notes Today. 2012 TNT 177-2 (2012 TNT 177-2).
  52. Jump up^ Williams, et. al., Lindsey M. "Urgent Request for Indepdent Review UBS Whistleblower Case Bradley Charles Birkenfeld". Project on Government Oversight. Retrieved 29 August 2013.
  53. Jump up^ Browning, Lynnley (10 November 2008). "Indictments Said to Be Possible in UBS Inquiry". New York Times. Retrieved 16 September 2013.
  54. Jump up^ Hilzenrath, David S. (10 November 2008). "U.S. Given A Look at Swiss Bank Accounts". Washington Post. Retrieved 16 September 2013.
  55. Jump up^ "UBS to Pay a Total of $0.98B to Settle SEC and DOJ Charges". LawUpdates.com. Retrieved 16 September 2013.
  56. Jump up^ Baxter, Brian. "UBS to Pay $780 Million Fine in Tax Case Settlement". American Lawyer. Retrieved 16 September 2013.
  57. Jump up^ "UBS Enters into Deferred Prosecution Agreement: Bank Admits to Helping U.S. Taxpayers Hide Accounts from IRS; Agrees to Identify Customers & Pay $780 Million". U.S. Department of Justice. Retrieved 16 September 2013.
  58. Jump up^ Laura Saunders and Robin Sidel (September 11, 2012)."Whistleblower Gets $104 Million". The Wall Street Journal.
  59. Jump up^ Bradley, Simon (12 September 2012). "Birkenfeld reward may tempt other bankers". International Service of the Swiss Broadcasting Corporation Russian ENG. Retrieved 16 September 2013.
  60. Jump up^ Birkenfeld, Bradley (Spring). "Inside the Cartel". World Policy Journal 27 (1): 1012. Retrieved 17 September 2013.
  61. ^ Jump up to:a b c Black money: Indian names in Swiss bank data list, says Assange. Indian Express (26 April 2011). Retrieved on 17 October 2011.
  62. Jump up^ 'Swiss black money can take India to the top' – Lok Sabha Election news 2009 – Rediff.com. Election.rediff.com (31 March 2009). Retrieved on 17 October 2011.
  63. Jump up^ "Former Banker Gives Data on Taxes to WikiLeaks". The New York Times. 2011-01-18.
  64. Jump up^ Indian names in Swiss bank data list: Assange – 2. News.in.msn.com (27 April 2011). Retrieved on 17 October 2011.
  65. Jump up^ Indian names in Swiss bank data list: Assange. Thestatesman.net. Retrieved on 17 October 2011.
  66. Jump up^http://www.businessworld.in/bw/2011_04_26_Indian_Names_In_Swiss_Bank_Data_List_Assange.html
  67. Jump up^ Indian names in Swiss bank data list : Assange. Business-standard.com. Retrieved on 17 October 2011.
  68. Jump up^ Indian Names in Swiss Bank Data List: Assange. news.outlookindia.com. Retrieved on 17 October 2011.
  69. Jump up^ Finkelstein, Norman. The Holocaust Industry. Verso, New York, Second paperback edition 2003, p. 90c.f.
  70. ^ Jump up to:a b Report on Dormant Accounts of Victims of Nazi Persecution in Swiss Banks Annex 4; and Part I paragraph 41
  71. ^ Jump up to:a b The Bergier Commission Final Report, page 442; and page 518
  72. Jump up^ Taylor, Edward and Prystay, Cris (2006-02-06). "Singapore tax policy attracts Swiss account money". The Wall Street Journal. Retrieved 2006-06-16.
  73. Jump up^ http://www.financialsecrecyindex.com/2011results.html

See also[edit source | editbeta]

External links[edit source | editbeta]

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