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Swiss Warn UBS Bank Could Go UnderReview

Swiss tax play lures businessReview

15,000 HSBC Swiss Bank Account Holder IDs StolenReview

US boosted financial, tax crime probes in 2009 – Reuters

US boosted financial, tax crime probes in 2009
Reuters
The rise comes amid a busy time for US tax prosecutors. Last year, Swiss bank UBS AG agreed to pay $780 million and hand over information for about 4500

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Swiss-German Tax Talks Resume – Tax-news.com (subscription)

Swiss-German Tax Talks Resume
Tax-news.com (subscription)
It is responsible for the coordination and strategic management of international financial, monetary and tax matters, and represents Switzerland's interests

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Switzerland, Slovakia Initial Revised Double Tax Agreement – NASDAQ

Switzerland, Slovakia Initial Revised Double Tax Agreement
NASDAQ
ZURICH -(Dow Jones)- Switzerland and Slovakia have concluded negotiations on extending administrative assistance in tax matters in accordance with the

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European, US Relocation To Switzerland To Boost RE Mkt – Wall Street Journal

European, US Relocation To Switzerland To Boost RE Mkt
Wall Street Journal
Although UK corporate tax rate is relatively low, it is still higher than most of the 26 individual Cantons in Switzerland's federal framework,

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HSBC subsidiary confirms theft of Swiss tax data – Deutsche Welle


China Daily
HSBC subsidiary confirms theft of Swiss tax data
Deutsche Welle
A subsidiary of British bank HSBC is the first Swiss bank to confirm that a CD with tax data on thousands of clients was stolen by a former employee.
HSBC Says Swiss Data Theft Affects 24000 AccountsABC News
HSBC: data on 24000 Swiss account holders stolenThe Associated Press
Stolen data 'may expose tax dodges'The Press Association
MarketWatch -The Epoch Times -BusinessWeek
all 470 news articles »

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15,000 HSBC Swiss Bank Account Holder IDs Stolen

15,000 HSBC Swiss Bank Account Holder IDs Stolen

GENEVA — Information on 15,000 HSBC customers with Swiss accounts has been stolen, the British bank said Thursday, potentially exposing foreign clients to prosecution by tax authorities in their home countries.

A former IT employee of Swiss subsidiary HSBC Private Bank (Suisse) SA, identified by French authorities as Herve Falciani, stole the information between late 2006 and early 2007, the bank said. The accounts were all opened before October 2006.

“We deeply regret this situation and unreservedly apologize to our clients for this threat to their privacy,” said Alexandre Zeller, chief executive of the Swiss subsidiary.

The bank said it has contacted the affected customers and doesn’t believe the stolen data has or will allow any unauthorized person to access the affected accounts. The stolen information only affects accounts in Switzerland with the exception of its former subsidiary HSBC Guyerzeller Bank, it said.

However, the theft could leave some of those account holders exposed to prosecution by tax authorities.

In recent cases of data theft from banks in Switzerland and Liechtenstein, the information was offered to foreign governments seeking to track down nationals who avoided paying their taxes by hiding money in Swiss accounts.

The French government said last year it had obtained a list of 3,000 French HSBC clients compiled from “numerous sources” including the former HSBC employee – identified by prosecutors in the French city of Aix-en-Provence as Falciani.

France later agreed to return the data to Switzerland.

“The French authorities have informed the Swiss authorities that the data they hold will not be used inappropriately,” HSBC said Thursday without elaborating. It remained unclear whether that means France will not use the data to prosecute tax evaders.

HSBC PLC said offering private banking services for rich customers remains “a core business” of the group, which has about 100,000 private banking clients.

Shares in HSBC were flat at 7.03 pounds (US$10.55) on the London exchange.

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Swiss banks account of Bulgarian tax evaders will be investigated – Sofia Echo


Novinite.com
Swiss banks account of Bulgarian tax evaders will be investigated
Sofia Echo
Tax authorities are investigating the Swiss bank accounts of certain Bulgarian nationals suspected of tax evasion, according to a report in 24 Chasa.
Bulgaria to hunt for tax dodgers in Swiss bank databaseEUobserver.com

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Stolen data ‘may expose tax dodges’ – The Press Association


stv.tv
Stolen data 'may expose tax dodges'
The Press Association
However in recent cases of data theft from banks in Switzerland and Liechtenstein the information was offered to foreign governments seeking to track down
HSBC Says Swiss Data Theft Affects 24000 AccountsABC News
HSBC: employee stole data on 15000 Swiss accountsMarketWatch
HSBC's Private Bank Reports Data Theft on 15000 Swiss AccountsBusinessWeek
This is London -Swissinfo -Novinite.com
all 328 news articles »

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