(update) Swiss to exclude stolen data from tax cooperation
Switzerland will not cooperate with foreign authorities on tax cases where client data has been stolen from banks, its Finance Department said on Wednesday, following a recent spat with France.
“No administrative assistance can be provided in the case of violation of public policy or the principle of good faith,” the department said in a statement.
A recent case involving data theft from HSBC’s (HSBA.L) private bank in Geneva sparked a diplomatic row with France, leading the Swiss government to freeze negotiations for a new bilateral tax agreement.
“This refers specifically to the case of HSBC of course,” Finance Department Deputy Secretary General Thomas Saegesser told Reuters. “If a demand from another state were against the public interest, a state would not be informed.”
Read more on Reuters.
