Swiss Bankers Fear The Risks Associated With The Patriot Act:

Tribune De Geneve:

Financial Spot: The President of the Swiss Bankers Association expresses concern about the automatic exchange of tax information with the United States.

Since New Year, Swiss banks collect data on the assets of the majority of their foreign customers in order to send them to the federal government. It will begin to practice automatic exchange of tax information (EAR) with the first thirty-eight partner states in September 2018. The president of the Swiss Bankers Association (ASB), Herbert Scheidt, now reports a risk The OECD (Organization for Economic Co-operation and Development) standard: possible leaks for the benefit of US intelligence services.

“We have been pressing the OECD on how data transfer would work technically. It is important that this information can only be used for the intended purpose, namely for taxpayers. A second difficulty lies in the fact that the OECD has mandated Unisys Belgium for the implementation of the EAR. Only the parent company of the company is listed on Wall Street as a US company under the Patriot Act. Therefore, there is a risk that data will be made available to the US secret services. These two questions have yet to be resolved, “warns Herbert Scheidt, quoted in the NZZ am Sonntag.

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