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Does Switzerland’s bank-client confidentiallity act still support finance crime?

Does Switzerland’s bank-client confidentiallity act still support finance crime?. Project presentation by Emanuel Flury CLS-Tutor: Coral Streader Supervisor: Alan Yates 20.06.2012. ( Jaumann , 2010). History. U nited identity Wilhelm Tell 1 . August 1291 Geography Mentality.

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Does Switzerland’s bank-client confidentiallity act still support finance crime?

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  1. Does Switzerland’s bank-client confidentiallity act still support finance crime? Project presentation by Emanuel Flury CLS-Tutor: Coral Streader Supervisor: Alan Yates 20.06.2012 (Jaumann, 2010)

  2. History • United identity • Wilhelm Tell • 1. August 1291 • Geography • Mentality (Tell, 2011)

  3. Second World War • Swiss Federal Banking Act of 8 November 1934 • Pressure from neighboursstates • Banking Secrecy → Bank-client confidentiality • Swiss Banking Association supervises banks

  4. Anti-Money Laudering Act • 1992 • Positive effect on anti-money laundering • Strong act

  5. OECD Trancsparency Regulation • Supervising • End of bank-client confidentiality • No automatic account data submitting • Organisationfor Economic Co-operation and Development (OECD, 2010)

  6. Witholding Tax Agreement • Rubik • 35% of interests • UK, Austria and Germany • Start: 01/01/2013

  7. Problems just moved away • Singapore • English language • Location • Infrastructure • stable economy • «co-operative» tax authority (Ohio, 2012)

  8. Conclusion • Main findings • Anti-Money Laudering Act • OECD Trancsparency Regulation • Problems just moved away • Answer-Question: No • Switzerland lost its attraction for criminals • More changes in the near future expected

  9. References • Tell, W. (2011). Legend of Wilhelm Tell the Swiss Hero. [Online] Available at: http://www.tell.ch/schweiz/pic/tell-ch.jpg[Accessed 20 June 2012]. • OECD, (2010). Headquarter in Paris. [Online] Available at: http://www.oecd.org/oecd/images/portal/cit_731/3/25/1863920image5607.jpg • [Accessed 20 June 2012]. • Ohio, P. (2012). Where is Singapore located. [Online] Available at: http://www.indiana.edu/~ssa/images/singaporeloc.jpg • [Accessed 20 June 2012]. • Jaumann, V. (2010). Tresor room. [Online] Available at: http://www.verlagshaus-jaumann.de/media/localNews/2927552.jpg • [Accessed 20 June 2012].

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