Switzerland Under Siege
So much of what Switzerland has traditionally stood for is now anathema to its neighbours in Europe and other members of the club of developed nations: confidentiality underpinned by strong banking secrecy laws; and a liberal tax regime offering a tax sanctuary to the wealthy and multinational companies. To a large extent, the conditions that allow such negative perceptions of Switzerland abroad do still exist. But with the world growing ever more hostile to banking secrecy and “offshore” in general, Switzerland is gradually falling into line with the new transparency agenda (although it isn’t always doing so quietly). Indeed, Switzerland is under pressure to change from almost every angle as our recent news coverage illustrates.