Tag Archives: black money

Swiss banks to reveal account holders’ details


The Swiss banks, for a long time, have been accused of aiding black money transactions and being a popular and safe place for people to park illicit funds and thus avoid paying taxes. This was mainly because of their strict guidelines on maintaining confidentiality. Not anymore. The Switzerland authorities have agreed to share data regarding the account holders’ funds held in their banks in an attempt to help countries tackle this problem of money laundering and tax evasion.

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