Fearing Arrest: Travel Ban on Top Executive from Swiss Banks
Exert from FT.com :
The travel bans, which have not been brought in by all banks, have focused on those visiting the US, following the detention there last year of a senior private banker from UBS, Switzerland’s biggest bank, as part of a federal tax investigation.
The head of the private bank, which itself has no travel restrictions, said: “Today if you are a banker from Switzerland going to the US you have to fear you will be taken in for questioning. I am thinking twice about going to America.”
However, four people in the private banking industry in Geneva told the Financial Times of banks bringing in total travel bans for staff, even for adjoining European countries.
“Private bankers aren’t even travelling to France. The partners are not leaving Geneva at all,” said a senior industry figure close to several private banks. No bank contacted by the Financial Times wanted to discuss the matter publicly.
The restrictions come ahead of next week’s Group of 20 summit where a clampdown on tax havens is set to be discussed.
Under pressure from other countries, Switzerland, which is estimated to account for about a third of the world’s $11,000bn in clandestine personal wealth, agreed this month to ease its bank secrecy laws and accept international standards on tax transparency.
Private wealth management, bank secrecy laws, and U.S. criminal tax evasion needs far more attention from Congress.