Switzerland under pressure to withdraw bank secrecy laws

Global leaders are fighting to increase their income as a result of the financial crisis in a battle which could threaten Switzerland's dominant position in wealth management, says Susan Ellis, wealth, investments and protection analyst at Datamonitor. "The difficulty lies in the nature of Swiss banking privacy laws," says Ellis. "The US government needs to provide significant evidence to back up its suspicions that any individual client is guilty of tax fraud, as without it the Swiss authorities will not assist in any foreign investigation, instead protecting the privacy of Swiss bank ...