| Do not worry about the Swiss, they know to launder money even without american clientele. They have many buddies in Liechtenstein with odd funds, charities never yet seen in the so called leaks. The historic reasons for the us taking a at the swiss have been the hidden, non declared tax moneys from american people and corporations.
The Swiss had a cloaking system in place called banking secrecy, it was even codified into law. America wanted whats owed to them and that was it. Swiss bankers would fly to the us physically, in person, pick up funds and goods like diamonds and transport them to switzerland without declaring anything. All the little tricks like labelling the funds fraudulently, diamonds in a toothpaste tube, that was part of the service portfolio. The us promised to sue and the whole decisionmakers knew they will be safe nowehere but in switzerland, a small country with sub par weather, and if the us got hold of them, they will spend a good time of their lifes behind bars.
The swiss banking secrecy laws were thus burried for good.
The swiss still had the cheek to blather about data protection and privacy and then agreed to hand over a portfolio of "suspicious" accounts. How hypocritical this was was shown later on, when it became impossible in switzerland and europe for americans to open bank accounts unless employed in Switzerland and being residents. You say banks have a bad reputation overall, but somehow the swiss banks had a better reputation, even though they are on a level with a carribean tax haven operator. |