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EU THREAT TO SWISS TAX HAVEN SECRECY

Switzerland is facing the threat of financial sanctions from the European Union unless it lifts the secrecy cloaking its financial system.

Finance ministers, enraged at the refusal to hand over information about EU citizens suspected of tax evasion, agreed this weekend to explore penalties to break the deadlock.

“People’s patience is starting to wear thin,” said one British official. “There is a determination that this is a serious issue which needs to be addressed.”

Although Switzerland insists banking secrecy is an ethical principle, it has agreed to hand over information on EU citizens suspected of money laundering or other criminal offences. It refuses to extend this cooperation to tax evasion, which its regards as a civil matter.

“The Swiss view seems to be that tax evasion is not a crime, but this is our tax and these are our citizens,” said the British official.

Britain, France, Spain and Germany back tough action if the Swiss continue to hold out. Among the options being considered by the European commission is a ban on Swiss citizens investing in the EU.

Switzerland has become increasingly isolated on the issue of banking secrecy as the big economies tightened the screws on offshore centres after September 11. Berne now faces the prospect of sanctions from the Organisation for Economic Cooperation and Development as well as the EU.

Failure to agree a deal over exchange of information with the Swiss is holding up Europe’s new savings regime. The EU has drafted a bill that would require its 15 member states automatically to share information on non-resident savings by the end of this decade.

THE GUARDIAN, Sept. 9, 2002