Swiss Bank Secrecy remains Intact For Select

The Federal Department of Finance wishes to clarify the fact that the Federal Council's decision to adopt the OECD standard on administrative assistance in tax matters in accordance with Art. 26 of the OECD Model Tax Convention does not constitute "the end of bank secrecy" as announced in the "Blick" newspaper today.

The Federal Council has stated on several occasions that Switzerland has no intention of relinquishing bank secrecy. The Federal Council's decision will have no bearing on legally resident foreigners in Switzerland.

The situation will change, however, for non-resident foreigners who hold a bank account in Switzerland: in the future, information may be exchanged on a case-per-case basis in response to specific and justified requests for administrative assistance in tax evasion matters.

Roland Meier, Media spokesman, FDF, Tel. 079 208 12 87
Federal Department of Finance
http://www.efd.admin.ch

By The Federal Authorities of the Swiss Confederation