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Summary-Curbing Tax Evasion Through Offshore Bank Deposits in Swiss Bank: A High Priority for Obama Administration. Introduction: Swiss Banks are well known for their secrecy. Your relationship with your Swiss bank can be compared to doctor/patient confidentiality or the private information you might share with an attorney. Swiss law forbids bankers to disclose the existence of your account or any other information about it without your consent. This secrecy of swiss banks has attracted a lot of wealthy American tax evaders in the past. Many reports have claimed that in recent years, Tax evaders have hidden more than 30 billion in Swiss banks. Finding a solution of this problem was a top priority for the Obama Administration. Prior Allegations: It is strongly believed that, in recent years many American tax evaders have hidden their money in swiss banks. According to Swiss law, nonresidents of Switzerland who would like to open a Swiss bank account must be at least 18 years old. Other than that, there aren't a lot of restrictions. Your account can be in almost any currency, although most choose the Swiss franc, U.S. dollar, Euro Sterling, and there is often no minimum balance required to open an account. Once you've started making deposits, however, there is a minimum balance you have to maintain that varies from bank to bank and by type of account. In recent years American justice department focused to set up new regulations with Swiss government to bring these us tax evaders under limelight's but this was not a smooth process. When it comes to privacy Swiss banks are very secretive and
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  • Fall '10
  • Jones
  • Offshore bank, Swiss Banks, Banking in Switzerland, Swiss government, Swiss bank

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