Ending bank secrecy hits the wrong target

Credit Suisse is one of the high profile banks subjected to pressure (photo:dpa)
Credit Suisse is one of the high profile banks subjected to pressure (photo:dpa)

Switzerland is the latest – and the most important country – to join the international convention which shares details on taxes between countries. This marks a major change for the Swiss who have been renowned for protecting the confidentiality of their clients. But it is also a wrong-headed move by governments to crack down on tax evasion as it hits savers and will discourage investment and growth.

<i>Switzerland has agreed to do away with the protection of bank secrecy in the name of the global fight against tax evasion. But one doubts whether the international community will obtain the goals it seeks by getting rid of bank secrecy. This report argues that the crusade promoted...

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