Abstract
The closing of Switzerland’s oldest bank Wegelin in early 2013 was a
symbolic moment for the Swiss banking industry. Add to Wegelin fourteen other
Swiss banks under fire by the U.S. Department of Justice for aiding tax evasion,
and Swiss banks no longer seem to be shrouded in a cloak of mystery. While
Switzerland is still the top destination for offshore wealth, U.S.’s Foreign
Account Tax Compliance Act (FATCA) began implementation in 2014. This
Comment will argue that FATCA will fundamentally alter Switzerland’s status
as a safe haven for secret offshore accounts, as Swiss banks promise to
automatically provide the U.S. government with account information, and
cooperate with other international transparency measures picking up momentum
alongside FATCA. This Comment will also analyze FATCA’s impact on
Switzerland’s banking policies regarding the transparency of offshore accounts
used for foreign tax evasion and conclude by posing questions about the future
of Swiss banking industry.
Recommended Citation
Jane G. Song,
The End of Secret Swiss Accounts?: The Impact of the U.S. Foreign Account Tax Compliance Act (FATCA) on Switzerland's Status as a Haven for Offshore Accounts,
35
Nw. J. Int'l L. & Bus.
687
(2015).
https://scholarlycommons.law.northwestern.edu/njilb/vol35/iss3/4
