After UBS wealth management head Raoul Weil was indicted for helping people conceal some $20 billion, Deutsche Bank’s CEO warned that Swiss banking accounts could face greater scrutiny. Time to move that money to the Cayman Islands, billionaires.
Reuters: Swiss banking secrecy could come under growing pressure from foreign governments, Deutsche Bank chief Josef Ackermann told [a] Swiss Sunday paper.
“Political pressure will increase from the USA and the EU. Switzerland would be well advised to go on the offensive over this topic,” said Ackermann.
“But Switzerland as a financial centre has more to offer than banking secrecy” he added.
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