Switzerland Must Prepare for Possible Automatic Exchange of Bank Clients Information

Switzerland Must Prepare for Possible Automatic Exchange of Bank Clients Information

According to the former chairman of the Swiss National Bank Philipp Hildebrand, Switzerland must prepare for automatic information exchange in the next five-ten years.

 

In his television interview last week Hildebrand said that the Swiss banking system should assume that next years the data of a foreign client, who opens account in a Swiss bank, will be automatically transferred to his country’s tax authority.

Hildebrand resigned as the Swiss National Bank’s chairman in January 2012 after the scandal with his wife who was involved in a foreign exchange trade. Though Hildebrand said he was not aware of his wife’s activity, he was accused of insider trading after details of the transactions were found out.

In June 2012 Hildebrand joined the world’s largest asset management company Blackrock.

 

 

 

 

 

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