Source: The Telegraph – Swiss central bank slumps to £6bn loss
Switzerland may be famed for its banking skills but the country’s central bank has found itself in the embarrassing position of having to post an annual loss.
Source: RT – First Swiss bank agrees to ‘sellout’ its US clients
The Swiss regional lender Valiant Bank has agreed to a US voluntary disclosure programme aimed at divulging information on American tax evaders.
Source: Reuters – UK gold exports to Switzerland surge as investors sell ETFs
A surge in gold exports from the United Kingdom to Switzerland this year may largely be the result of metal sold out of exchange-traded funds being shipped for re-refining before making its way to Asia, according to Australian bank Macquarie.
Source: Reuters – Another historic Swiss bank under U.S. tax spotlight
Swiss private bank Rahn & Bodmer is under investigation by U.S. authorities, it said on Wednesday, the latest bank to be targeted in lengthy dispute over tax evasion.
Source: Bloomberg – Germans Hide Cash in Diapers as Swiss Secrecy Crumbles
Germans who avoided taxes by keeping money in Switzerland are bringing wads of cash home and hiding it in odd places.