The Switzerland Government has reportedly passed a federal act on the restitution of assets of savers. The closest example of this is former President of Egypt Hosni Mubarak. As per this act the authorities have the right to confiscate frozen assets and, subject to conditions, return them to the country of origin.
Hence the hefty sums which have been hoarded by the dictators of developing countries into the Swiss banks can now be returned to their original jurisdiction. This act would be effective this month onwards which is also likely to aid the projects as a sequel to historic legal reforms.
The report in The Times suggests that, this act by the Swiss Government can actually take possession of the frozen assets and give them back to the country they came from.
Also a historic legal deal by London and Berne which would turn Swiss banks into de facto agents of Revenue and Customs is likely to be achieved. The Swiss bankers too are being exhorted to evaluate the tax liabilities of UK residents with funds in their institutions. The UK Government has been trying hard pushing its counterparts to make sure that the Swiss bakers do so.
Rudolf Elmer, a former Zurich-based banker is said to have transferred two computers discs to WikilLeaks. This was a few weeks ago. However the regular series of data thefts has made the clients of Swiss banks much more concerned and worried.
Judith Ingham, Head of Geneva office of Withers asserted that several Swiss banks had said that they wanted the like clients to become tax-compliant in their home jurisdictions.
He further added, “And many are saying that if you don’t become compliant in your home jurisdiction, we will not be able to continue to give you the full service that we have done in the past. That is a sea change. You can see 55-year-olds trying to make their mouths move in a way that says this. It is not something that they’ve ever been interested in or worried about in the past”.