UBS chief urges reform of Swiss banking rules
New chief of embattled investment bank advocates changes to Swiss secrecy laws
Oswald Gruebel has urged changes to Swiss banking rules in an effort to
uncover suspected tax evaders.
In an interview with newspaper Finanz und Wirtschaft, the new CEO
of UBS said Switzerland’s secrecy laws need to be reformed to ease political
pressure, according to
The
Associated Press
Germany, Britain and the US are lobbying for Switzerland to become more
transparent and work with with foreign tax investigators.
‘It’s questionable whether we can continue to hide tax evaders behind
banking secrecy,’ he said.
Further Reading:
UBS
blames system error for £21bn rogue trade
Darling’s
dig at Swiss banking ‘secrecy’
