Swiss Will Not Cooperate if Data Stolen

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Switzerland announced that it will NOT PROVIDE Assistance based upon stolen data. The Swiss Federal Council has submitted a new Tax Administrative Assistance Act for consultation. The Act spells out how and when it will cooperate with requests for information on account holders. It was made clear that the Swiss will not cooperate with requests based upon stolen account data. It will be interesting to see how the Swiss respond to FATCA which requires foreign financial institutions to disclose account information on accounts held directly or indirectly by U.S. persons.

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Published In: Administrative Agency Updates, Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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Sanford Millar
Law Offices of Sanford I. Millar

Experience and Qualifications: Over 30 years of experience in domestic and international tax... View Profile »


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