Do I understand that US financial institutions DO NOT report non-us person deposits in them?

Martin Everson

Offshore Consultant
Business Angel
Whether the Swiss have seen sense ... or succumbed to extortion is a highly debatable question.
It is indeed. However it's no longer acceptable to accept dirty untaxed money period. As a consequence many Swiss banks have gone out of business or been taken over. At least two I banked with disappeared overnight at the time i.e Frey and Hottinger.

Much more will follow also as Swiss banks can't charge clients fees like they used to be able to charge the criminals that banked with them. They now have to be competitive and their asset base has shrunk with no dirty money....lol.

https://www.swissinfo.ch/eng/business/perfect-storm_many-swiss-private-banks-facing--extinction-/45178358
 

Artemis Eleutheria

Well-Known Member
It is indeed. However it's no longer acceptable to accept dirty untaxed money period. As a consequence many Swiss banks have gone out of business or been taken over. At least two I banked with disappeared overnight at the time i.e Frey and Hottinger.

Much more will follow also as Swiss banks can't charge clients fees like they used to be able to charge the criminals that banked with them. They now have to be competitive and their asset base has shrunk with no dirty money....lol.

https://www.swissinfo.ch/eng/business/perfect-storm_many-swiss-private-banks-facing--extinction-/45178358
I disagree with most of the qualifiers used ... untaxed money is not dirty per se. As a matter of fact I would argue the opposite ... it is the taxed money that is dirty since it is obtained by extortion not by free interchange. Furthermore, it is not those that resist extortion (by the organized crime syndicates calling themselves "States" or "Government") that are criminals, quite the opposite, they are the victims of those that resort to violence (or threats thereof).

Though, the English language is in a sorry state today ... just as George Orwell predicted. Newspeak and doublespeak is the order of the day.

As long as you do OBEY and do not think you will be OK.
 

Martin Everson

Offshore Consultant
Business Angel
I disagree with most of the qualifiers used ... untaxed money is not dirty per se.
The Swiss decided years ago on a white money policy. They no longer found it acceptable to take black money and funds hidden from tax man.


Furthermore, it is not those that resist extortion (by the organized crime syndicates calling themselves "States" or "Government") that are criminals, quite the opposite, they are the victims of those that resort to violence (or threats thereof).
Hiding dirty untaxed money behind banking secrecy and lack of information exchange at the time was never a clever strategy for Swiss banks. They got their day of reckoning and now the Swiss banks are failing when faced with a level playing field. The only victims are governments that were starved of tax dollars. Developing countries whose leaders stole and hid their countries wealth meant for the people in Swiss banks. The chickens have come home to roost.
 

Martin Everson

Offshore Consultant
Business Angel
Just the facts matter to me and your demonstrating a clear lack of them sadly. However your personal observations are always welcome in the mix even if they are not based on any sound evidence or facts.
 
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