Posted on 09 January 2011
Tags: bank, bank failure, Bank secrecy, banking, banking act, Banking in Switzerland, Business_Finance, CHF, DRUG TRAFFICKING, Economy of Switzerland, Finance, insider trading, internet banking, law, Law_Crime, non-bank securities dealers, Offshore bank, Privacy, prosecution, public attorney, refined investment services, regulatory agreement, securities dealers, strict law, Swiss, swiss bank, swiss bank account, Swiss Bank Accounts, swiss bankers association, Swiss banks, Swiss franc, Swiss Francs, swiss law, swiss laws, Switzerland, UBS, united states
Swiss laws are very strict regarding the relationship between a bank and its customers. If the bank violates this relationship a punishment shall be imposed. Banks must very careful therefore and not divulge any kind of information regarding their customers, without, taking permission.
Punishment
Swiss law treats a violation by the bank very seriously. The Swiss public attorney will immediately start prosecution against the bank.
The punishment imposed could be up to 6 months of imprisonment and a fine of 50,000 Swiss Francs. In addition you may even sue the bank separately.
Exceptions
There are certain exceptions to this strict law of privacy. Information may be divulged if criminal activities are taking place. This includes drug trafficking, organised crime or insider trading.
Privacy
The biggest advantage of having a Swiss bank account is the privacy that you can enjoy. The privacy allowed to a customer is indeed a blessing. You might not want anyone to know about your money.
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Posted on 30 October 2009
Tags: collecting funds, Currency, intention of the individual, intentional negligence, not to pay income taxes, omission from the tax return, overlooked the data, prosecution, stiff fines, stiff penalties, tax agency, Tax evasion, taxable income
Tax evasion is usually known as an act in which an individual intentionally chooses to not to pay income taxes that is due on him or her.
This act of not paying taxes may be done by simply choosing to not file an income tax return, or choosing to not to include any information that is about taxable income on the filed return. In all instances, it is considered that a tax evasion is a fraud, and so it usually carries stiff penalties.
Intention of the individual plays a key role
While there are some by which it is considered that any type of omission from the tax return to constitute tax evasion, it is important to remember that it is possible to omit an item just due to the reason that the data was overlooked when filing the return.
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