Bloomberg: Pictet expects more US attacks on Sw - Spear's Magazine

Bloomberg: Pictet expects more US attacks on Sw

Aug. 21 (Bloomberg) — Jacques de Saussure, managing partner at Pictet & Cie., Switzerland’s biggest closely held private bank, expects the U.S. to make fresh attacks on the country’s money managers in the search for tax dodgers.

Aug. 21 (Bloomberg) — Jacques de Saussure, managing partner at Pictet & Cie., Switzerland’s biggest closely held private bank, expects the U.S. to make fresh attacks on the country’s money managers in the search for tax dodgers.

Switzerland agreed Aug. 19 to give details on more than 4,450 UBS AG accounts to the U.S. Internal Revenue Service and promised to assist in future demands to identify clients suspected of hiding funds in the country.

“It’s clear that the U.S. authorities will try to send additional requests based on the same principles,” de Saussure said in a telephone interview from Zurich. “It’s the logical next step.”

Switzerland, whose banks manage $2 trillion, or 27 percent, of the world’s privately held offshore wealth, has been under pressure from the U.S., Germany and France to weaken secrecy laws under which bankers can be jailed for divulging a client’s name. The IRS plans to target more banks, law firms and entities that help Americans hide assets, IRS Commissioner Douglas Shulman said when the UBS settlement was announced.

To read the full article, visit bloomberg.com



 

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