Banking Secrecy Laws Essay Example | Topics and Well Written Essays - 500 words

Banking Secrecy Laws - Essay Example The article talks about the evil practice of evading taxes and the topic has been narrowed down by the author and primarily focuses upon the citizens of Switzerland. There are about 52000 American depositors who have intentionally hidden some information regarding tax evasion with the help of their Swiss Bank accounts, the Swiss authorities are known for their secrecy and this is a double edged weapon and it is certainly proving out to be that way. The US government is putting extreme pressure on the Swiss government to provide them with information of the American citizens who have Swiss bank accounts. The US government has even launched a civil suit in Miami to get access to this pivotal information. The US government firmly believes that the American citizens have hidden their potential worth of about $ 14.8 billion in various Swiss bank accounts and recently a Swiss bank by the name UBS provided information important information to the US authorities of as many as 250 US citizens who have their bank accounts with the bank. The Swiss government is trying really hard to implement a tax system which will complement their secrecy but this has not been implemented yet. The French president has also got involved in this and he recently said that Switzerland would be put in a black list of the G-20 members for being a tax- haven nation.