CRF Blog

Swiss Banking Secrecy

by David De La Torre

In Don’t ask, won’t tell, The Economist reports on the indictment of Wegelin, the oldest Swiss private bank.

FITTINGLY for a business that has peddled discretion for 271 years, the Zurich office of Wegelin is easy to miss. But according to an indictment unsealed in New York on February 2nd, Switzerland’s oldest bank brazenly helped its clients dodge American taxes on $1.2 billion in offshore accounts and poached American clients from UBS, a giant Swiss bank that prosecutors ensnared earlier.

This first indictment of a Swiss bank has rocked the country’s financial industry. [more]