Seven hundred years of Swiss history are accelerating. News agencies traditionally were used to a placid pace when it comes to news from Switzerland. No more! Consider these:
1. UBS
We have witnessed UBS in a Titanic-like voyage to America, hitting the Iceberg called IRS. We know the outcome, or let's reconsider that: we don't yet know all the consequences. Just this week, as the WSJ reported, a certain Juergen Homann admitted in Federal Court in New Jersey to concealing more than $5 million in accounts at Swiss banks, including UBS. Homann faces a maximum sentence of five years in prison. He is the fifth UBS client to plead guilty in the US to tax evasion. May I suggest that this is only the tip of the iceberg. (1)
2. OECD's Grey List
In other news, Switzerland rushed through 12 double taxation agreements, just like Luxembourg did, to get off the OECD's Grey List. And OECD promptly erased the black spot on Switzerland's white coat, that is taking Switzerland off the Grey List without even waiting for ratification by Swiss legislative instances. Is OECD's complacent behavior a signal that they already dismiss the importance of their very own standard, knowing that there is much more to come under the G20 push or just simply from the US, France and Germany?
3. Roman Polanski arrested in Zurich
According to CNN: " Filmmaker Roman Polanski has been arrested in Switzerland on an arrest warrant issued 31 years ago in connection with a rape charge.
The Academy Award-winning director pleaded guilty in 1977 to having sex with a 13-year-old girl in the United States, but fled the country before he could be sentenced. Authorities in the United States issued a warrant for his arrest in 1978. He was taken into custody on Saturday, Zurich police said." (2)
4. Switzerland ready to accept Guantanamo prisoners
In other news, AP reports about Switzerland being "interested" in accepting four Guantanamo prisoners. According to AP, "the Swiss Justice Ministry says officials visited the U.S. detention center at Guantanamo Bay, Cuba, last month to gather information on inmates the Alpine country is considering taking in when they are released. "
"... Zurich weekly SonntagsZeitung reported that the four inmates in question were two Chinese Muslims — or Uighurs — an Uzbek national and a Palestinian." (3)
In the meantime though, Swiss cantonal authorities have demanded that the four inmates' innocence has first to be formally established, before admitting them in their communities. Interesting how the world has declared all Guantanamo prisoners as "innocent' while they are in Guantanamo, but need formal proof of their innocence before accepting them as refugees.
5. What is the link between the above?
None whatsoever.
Some may ask the question if after 700 years the Swiss came full circle, starting again to bow to Gessler's hat on a pole? You'll hear the denial from the horse's mouth: separation of powers, commitment to international standards among others and in four languages.
The reality for Switzerland is the same than for Luxembourg, Austria, Cayman, Bermuda and about 70 other jurisdictions: the powers out there need the money and you have it. Ill gotten they say. Economic refugees you may say. There is a need for compromising, or get it pushed down your throats. The OECD standard double taxation agreement will not be that compromise.
Egide Thein
No comments:
Post a Comment