Tax Evasion Lawsuits

Tax evasion in Switzerland could be a negative for the country's long term economic growth.

"Switzerland is the world's biggest offshore financial center, holding an estimated $2 trillion (£1.4 trillion) of global wealth held abroad. In the past the country had refused to commit to the standards were written for fear they would compromise it's banking secrecy rules and hits its revenues.

However, the financial crisis led cash-strapped Western governments to push for a relaxation of strict bank secrecy rules as they get more aggressive with tax evaders. Swiss bank UBS is facing a US tax fraud investigation."

Sources: http://www.telegraph.co.uk/finance/4985093/Switzerland-to-cooperate-on-tax-evasion.html - (edit / improve)