Money held by Indians in Swiss banks declines by 10.6% to Rs 12,615 crore

Last Updated: Thursday, June 18, 2015, 15:17

Money held by Indians in Swiss banks has declined by 10.6 percent to Rs 12,615 crore in 2014, as per the latest data released by the Swiss Central Bank.

EU releases world tax havens blacklist

Last Updated: Wednesday, June 17, 2015, 17:56

The European Union published its first list of international tax havens on Wednesday as part of a crackdown on multinational companies trying to avoid paying tax in the 28-nation bloc.

Switzerland plans stringent norms to fight black money menace

Last Updated: Sunday, June 7, 2015, 18:50

The new Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOI Act) contains provisions on the organisation, the procedure, the judicial channels and the applicable criminal provisions.

Black money: Switzerland asks banks to check illegal asset flows

Last Updated: Friday, June 5, 2015, 22:22

Under pressure from India and other nations to act against black money menace, Switzerland will put in place stricter due diligence norms for banks to prevent inflow of illicit assets into the country.

Black money: India in global pact for automatic exchange of financial info

Last Updated: Wednesday, June 3, 2015, 21:23

India and five other nations Wednesday joined a multilateral agreement for automatic exchange of financial information, a move that will help it combat tax evasion and deal with the problem of black money.

Now, Switzerland to publish list of dormant bank accounts

Last Updated: Sunday, May 31, 2015, 15:53

The Ombudsman further said that a new banking law, which has come into force this year, has mandated that "assets over 500 Swiss franc that have been dormant for 50 years, that is 60 years after the last contact, have to be published. "If, following this publication, no justified claims are reported, the assets must be liquidated and their net proceeds will be transferred to the Swiss Confederation.

EU-Switzerland accord to end banking secrecy, curb tax evasion

Last Updated: Wednesday, May 27, 2015, 21:05

The European Union and Switzerland signed a major accord Wednesday to end banking secrecy for EU residents and prevent them from stashing undeclared income in Swiss banks.

Switzerland, EU sign automatic information exchange pact

Last Updated: Wednesday, May 27, 2015, 17:18

In a major step towards shedding its long-held banking secrecy tag, Switzerland Wednesday signed an agreement for Automatic Exchange of Information (AEOI) with European Union.

Fight against black money: Swiss get 1,500 help requests a year

Last Updated: Thursday, May 14, 2015, 19:34

Gearing up for a new legal framework to help India and other countries in their fight against black money, Switzerland has said it gets 1,500 administrative assistance requests a year.

Money laundering cases rise to record high in Switzerland

Last Updated: Wednesday, April 29, 2015, 18:38

Long considered a safe haven for suspected black money, Switzerland has reported a sharp rise in the 'suspicious activity reports' received by its Money Laundering Reporting Office to a record high level of 1,753.

Blackmoney: Swiss banks seek fresh undertakings from Indians

Last Updated: Sunday, March 29, 2015, 12:52

The latest development comes at a time when India is aggressively making efforts to bring back illicit money parked by its citizens overseas and Switzerland has also agreed to co-operate on the issue.

Automatic info exchange talks with India at 'earliest': Swiss

Last Updated: Sunday, March 22, 2015, 15:11

The assertion from Switzerland, which has been long perceived as a safe haven for stashing illicit wealth, comes close on the heels of the Alpine nation inking an initial pact for automatic exchange of tax information with European Union.