Swiss Government Will No Longer Require Its Banks To Obey Secrecy Laws

The Swiss government had been preventing its banks from disclosing the names of US citizens who have been evading US taxes by using the banks as tax havens.  The government decided that it was in the best interest of its banking industry to let its banks cooperate with US tax authorities.  Each bank will be free to decide what it wants to do but they will no longer be required by the Swiss government to conform to bank secrecy laws.  This is a big step in the move by governments to limit tax evasion by its wealthy citizens.  This will affect tens of thousands of US citizens who have been evading taxes by using Swiss banks as tax havens.  This will create a boom for tax accounts and lawyers who will be needed by US citizens who have been using Swiss banks for evading US taxes.