Switzerland: Banks Implement ′Clean′ Money Strategy | All media content | DW | 29.05.2013
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European Journal

Switzerland: Banks Implement 'Clean' Money Strategy

Bowing to international pressure, Swiss banks say in future they will only handle foreign money that's been legally declared and taxed in the account holder's home country.

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The banks are now demanding written proof that foreign clients have paid taxes on funds in their homeland. If customers don't supply such proof, Swiss banks plan to cease doing business with them. German investors are currently being contacted in writing. Switzerland had already agreed to implement tougher banking regulations in 2010.