Here are some excerpts.
While Swiss banks are in favour of the deal - at the cost of potentially huge fines - lawyers, tax experts and independent wealth advisors oppose the names of alleged third parties to tax evasion business tied to the banks being handed over to the US authorities. Under the terms of the agreement pitched by the cabinet last week, they would not enjoy the same immunity from US prosecution.
The Chamber of Swiss Tax Advisors immediately condemned the political deal, rushed through by the Swiss government last week to assuage growing US impatience, as “unacceptable” and “disproportionate”.
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The Swiss Association of Asset Managers said its members would be treated like “second-class citizens” compared to bank executives, who will escape penalty, and lower bank employees who will receive at least some legal protection from the Swiss authorities.
The only consolation for the Association was that the mass release of bank information would probably not lead directly to a “great wave of lawsuits”. But only because the US authorities already have names from an earlier, more limited, handover of Swiss bank business correspondence and a host of self-declarations prompted by tax amnesties.
The Swiss Association of Trust Companies continued the theme of ill-will towards the all-powerful large banks. “The upper echelons of bank managers who made all the decisions will not be liable because they are unlikely to have dealt with clients personally,” Association chairman Alexandre von Heeren told swissinfo.ch. “It is others who will pay the price.”
Von Heeren is confident that most members of the association have steered well clear of business involving untaxed assets. But he added that some rogue trustees that operate in the shadows may have cause to be concerned.The article also gives an anecdotal example from an indicted Swiss enabler as follows:
The lawyer worked hand-in-hand with a series of Swiss bankers to hide the assets of wealthy US tax dodgers. He set up trusts and sham companies in Liechtenstein, Panama and the British Virgin Islands to conceal the identity of his client, according to the indictment.
The court papers also accused the lawyer of using secretive constructs to move assets from banks under US investigation to other Swiss banks that were thought to be safer.