“An economic war” has broken out between Switzerland and the rest of the world following the crackdown on Swiss banking secrecy, according to one of Geneva's leading private bankers.
Yves Mirabaud, a managing partner at Mirabaud, told the Financial Times that, while Swiss secrecy laws had been eased, it was still easy to dodge tax in the US and UK.
In rare public comments, he said: “There is a feeling in the banking community, and also in the population . . . that we are in an economic war. There is nothing easier than doing tax evasion in the US. Look at Delaware companies, or trusts in the Channel Islands.”
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