Switzerland is one of the richest,most developed countries in the world hosting one of the biggest financial centre in the world and home to two of the largest banks UBS and Credit Suisse.Switzerland has been long been regarded as a neutral safe haven for money with the its currency Swiss Franc thought to be a risk averse store of value.Switzerland is known for its excellent banks which provide a high degree of  safety and secrecy.But the less publicized fact is why this small mountainous country attracts trillions of dollars in wealth from around the world.Its because of its secrecy laws which don’t allow the name of the bank account holder to be revealed unless its proven that it is due to criminal misconduct.This Law has made Switzerland the safe haven for all kinds of criminal wealth including drugs,guns,prostitution,genocide etc.The recent spat between USA and Switzerland over the revealing of US tax evaders brought this anomaly into the open.Switzerland is the only large country to have such a law which promotes crime and tax evasion globally.

Switzerland is on par with terrorist,renegade countries like North Korea which promotes illegal acts.The Swiss do it on a much larger and subtler scale than North Korea.Despots from countless third world countries deposit their ill gotten billions into Swiss Banks.India recently has found that around $500-1400 billion of black money has been deposited into foreign banks mainly Swiss.This mainly constitutes money made by massive corruption and looting of public  resources.The presence of a an easy store of criminal wealth promotes corruption and crime around the world with a Swiss Bank account a badge of honour for criminals.The Swiss lover their secrecy laws which contributes heavily towards their luxurious lifestyles,however with big countries getting annoyed over the loss of taxes in these times of fiscal deficits,it looks the Swiss might have to buckle at least to the powerful ones.However for the 3rd world poor countries with little power and corrupt government,Switzerland continues to play the banker to people who loot money from the poor.

Swiss lawmakers reject UBS tax deal with U.S.

Switzerland’s effort to end a tax-evasion dispute with Washington hit a major setback Tuesday when lawmakers blocked a treaty that would have seen the largest Swiss bank give U.S. authorities files on thousands of American clients.The Swiss government and Washington had painstakingly crafted the treaty last August to resolve a long-standing dispute over UBS AG’s alleged role in aiding tax evasion, but 104 nationalist and left-wing lawmakers in Switzerland’s lower house, the National Council, voted against the deal, compared to 76 in favor, after their demanded amendments were refused. Sixteen lawmakers abstained.The government and industry groups had urged lawmakers to sign off on the treaty to avert harm to the Swiss economy, which is heavily dependent on the country’s banking industry.”With today’s negative decision the National Council has unfortunately done a disservice to Switzerland’s standing as an economic and financial center,” said the Swiss Bankers Association, which has pushed for the UBS case to be concluded so the industry can move forward.The association called on lawmakers to change their minds and approve the treaty, claiming that failure to do so “would strain even further the important bilateral relations between Switzerland and the United States.”