Some Swiss banks ban executive travel
Fear executives will be nabbed by tax authorities: report
Thursday, 9 April 2009
LONDON (MarketWatch) - Some of Switzerland's private banks have banned their executives from traveling outside the country out of fear they could be nabbed by tax authorities as part of a global crackdown on bank secrecy, the Financial Times reported Friday.
The travel bans are largely focused on executives visiting the United States after a senior private banker from UBS, Switzerland's biggest bank, was detained last year as part of a federal tax probe, the newspaper said.
Citing unidentified persons in the Swiss private banking industry, the newspaper said some private banks have banned all foreign travel by staff. The restrictions include travel to neighboring countries, such as France and Germany.
Switzerland is estimated to hold around a third of the world's $11 trillion in clandestine wealth. The country agreed earlier this month to ease bank secrecy laws and to adopt international tax transparency standards
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