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.
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