The financial industry in the USA
is fighting hard for the preservation of bank secrecy. Switzerland’s
private banking industry should take lessons from the Americans.
only Switzerland is under the massive attack of the U.S. Treasury and
the U.S. tax authority (IRS, Internal Revenue Service) but also the
financial industries in Florida and Texas are under pressure.
Since about a year foreigners with a bank account in the United States
come under closer scrutiny. If their accounts earnings are more than USD
10 a year, this income must be reported directly to the tax
authorities. The U. S. Treasury is convinced that foreigners have
deposited up to USD 400 billion in American banks without having a
regular USA residence permit, or at least have partially illegally
invested in the USA territory.
Bankers Association of Florida and Texas are fighting the information exchange
Internal Revenue Service (IRS) will collect this tax data in order to
improve the exchange of information in tax matters with other countries.
A similar so-called reciprocal agreement is also the FATCA agreement.
Florida Bankers Association (FBA) and the Texas Bankers Association (
TBA) are efficiently defending the bank secrecy. They are fighting
against the elimination of banking secrecy and want to cancel decisions
of the authorities having cancelled the bank secrecy rules.
America has always been a haven for the wealthy prosecuted in their home countries
this end, they fight in court. A first action was indeed shot down by a
federal judge. But the two industry associations do not want to be
discouraged. They wrestle with the right speakers doing the right lobby
efforts against elimination of the banking secrecy.
They want to increase the pressure on the government. In Central and South America, the disrespect of human rights is a daily phenomenon.
residents in Latin America are living in constant fear that their data
protection rights and elementary human rights are disregarded. Florida
and Texas Bankers Associations have engaged professional lobbyists
taking care on their interests and fighting for the preservation of
banking secrecy. Switzerland should do the same and engage professional
lobbyists to fight in favor of banking secrecy.