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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Central Banks
Sudan’s warring parties attack central bank and currency printers
Military sacks governor as fighting drives up prices amid existing food shortage
MAS did not tell banks to ‘keep quiet’ about China flows, group says
Private banking group says sources of inflows into Singapore remain diversified
CBRT steps in with support for earthquake-stricken regions
Turkish central bank eases payment costs and credit conditions as rescue work continues
2022: The year in review
The invasion of Ukraine left central banks facing yet another exceptional set of challenges this year
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Inclusive growth must come after price stability, says Fed’s Jefferson
First speech as a governor re-emphasised hawkish Fed statements forecasting slow growth
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers during the past three months
Central banks rarely lead AML/CFT efforts
Most institutions do not want more AML/CFT powers