France warns banks - No more tax evasion

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UBS, BNP Paribas, Credit Suisse and other banks providing wealthy French people a home for their money in Switzerland are being told: No more tax evasion.

Bloomberg News reports that ahead of French Finance Minister Michel Sapin’s visit today to the Swiss capital Bern, he briefed bankers on an updated set of guidelines for a tougher Franco-Swiss tax accord. Switzerland will intensify cooperation with France and release more names and bank accounts details to French tax authorities.

'It is not acceptable that a bank - and this may have happened in the past - instigates fiscal fraud', Sapin said in an interview last night with Switzerland’s French-speaking television channel RTS. 'I would say ‘continue to do what you are doing today: encourage your clients, without drama, quietly, to regularize their situation. They will sleep better'.

The push to tighten the rules comes a year after Socialist President Francois Hollande set up an office for French fiscal exiles to put their books in order. The state collected about $1.36bn in revenue from such tax evaders and expects more in 2014, with 80% coming from funds stashed away in Switzerland. Yesterday, Switzerland said it would comply with a French request for details of a UBS account of retired Senegalese-born French soccer player Patrick Vieira.

To access the complete Bloomberg News article hit the link below:

UBS, HSBC, BNP Warned of France's Zero Tolerance on Tax Evasion

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