Switzerland has made it clear that it will not entertain any banking and tax-related requests that are based on information acquired illegally.In its annual report on international financial and taxmatters for 2013, published by the Swiss finance ministry (theFederal Department of Finance) said requests would also not be entertained if they are based on information that was obtained through acts punishable under Swiss law, such as the illegal acquisition of data .This comes in the backdrop of requests from countries, including India, which are in possession of account details of Swiss bank customers that were allegedly stolen or gathered through illegal means and passed on to governments.With regard to institutionalisation of financialdialogues with India, Switzerland said that the first roundof financial dialogues got under way with India in 2012 and the aim now is to deepen these dialogues.Switzerland has often been accused of providing a safe haven to illicit wealth of entities from various countries, including India, and its tough banking secrecy laws make it difficult for authorities from abroad to access details of such bank accounts.India is probing alleged stashing of untaxed funds in certain Swiss banks.
News On AIR | February 26, 2013 8:34 AM
Switzerland not to entertain bank & tax-related requests based on illegally acquired info