After the US, now France breaches Swiss banking secrecy
28 Aug 2009
After the US, France struck a fresh blow to Switzerland's banking secrecy yesterday as Berne agreed to give Paris the names of French citizens suspected of tax evasion.
The agreement came as Switzerland was threatened of being put on the 'Blacklist' after being put on the international 'Greylist' at the G20 meeting of the world's most influential political leaders in April.
Switzerland along with 30 other countries were named as financial centres failing to implement Organisation of Economic Co-operation and Development standards on exchanging tax information.
The agreement between France and Switzerland was signed yesterday by French finance minister Christine Lagarde and her Swiss counterpart Hans-Rudolf Merz.
Under the agreement, French tax inspectors will be able to demand for information about French tax evaders, which Switzerland had avoided giving in the past.
The Swiss banks will be forced to reveal the contents of bank accounts of French citizens if the French authorities are able to provide documentary evidence on tax evasion.