The Market Oracle, 18 Sep 2012
Swiss banks are now expecting withdrawals of hundreds of billions of Swiss francs according to the head of wealth management at UBS, Jürg Zeltner, as a result of steps to stop foreigners using secret accounts to evade taxes. Although a long time coming, this is entirely consistent with the extensive investigations carried out by the ATCA 5000 Research and Analysis Wing (A-RAW) and the mi2g Intelligence Unit (mIU) as well as the Socratic dialogue we have subsequently initiated at the highest level in regard to the flight-of-capital from Switzerland.
The accelerating flight-of-capital from Swiss banks over the past two years has been exacerbated by the repeated purchases of stolen Compact Discs or CDs containing details of German and other European citizens' private client data and account information by German tax authorities and their secret services. While these intrusions into European citizens' privacy may have prompted some Swiss bank clients to provide information on previously undeclared assets to European authorities, there has also been speculation that other European citizens may have been moving assets to non-European financial centres such as Singapore, increasingly known as the Switzerland of Asia. Full story
