Swiss Plan to Share Laundering Data Raises Questions About Tax Evasion Cases

By Brian Monroe

As Switzerland nears approval of a draft law allowing for greater financial data-sharing, Swiss officials will again find themselves navigating between two competing interests: protecting the nation's bank secrecy and pleasing those who want to dismantle it. Under the planned amendment to its data laws, Switzerland's financial intelligence unit (FIU) will be able to share information with its counterparts solely for the purposes of fighting money laundering or its predicate offenses, including terrorist financing. The information could include names of accountholders, balances and beneficial ownership data. The decision to amend its data-sharing practices followed threats of suspension by the Egmont...