SNB's Jordan says Fed fines raise ‘fundamental' questions for Swiss banking
Swiss National Bank (SNB) chairman Thomas Jordan today said the Swiss banking sector had to respond to a "worldwide change in values" with regards to bank secrecy, after a US court hit Credit Suisse with a record $2.6 billion penalty for helping US clients evade taxes by hiding assets overseas.
The Swiss bank was fined yesterday after pleading guilty to engaging in a "wide-ranging conspiracy" to help US taxpayers file false income tax returns. Credit Suisse was ordered to pay the Federal Reserve
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