Press Release as PDF

The Swiss Bankers Association (SBA) takes note of the decision taken by the Swiss Federal Council to completely revise the legislative amendment concerning enhanced due diligence requirements in the area of taxation. The strategic objective of the banks in Switzerland remains, however, unchanged: they have been committed to a tax compliant financial centre for several years and want to acquire and manage only taxed assets. The recommendations defined bythe SBA regarding tax compliance for the cross border business are a further measure for the implementation of this strategy. The recommendations aim to prevent the receipt of untaxed assets.