Switzerland reveals names of 2 Indians wanted for tax frauds
The data will be publicly available on the Internet. Foreigners being named can appeal within 30 days in the Swiss court against Switzerland sharing their details with home countries.
Switzerland has published the names of foreigners wanted for tax frauds after requests from Russia, France, Germany, India and other countries. This may mark the end of the Swiss bank privacy tradition, dating back to the 1930s.
Names of two Indians have been made public so far. The government has decided to list the names, birthdates and nationalities of alleged tax evaders in its federal newspaper.
This move comes after the government of Switzerland received formal requests from several foreign tax authorities.
The data will be publicly available on the Internet. Foreigners being named can appeal within 30 days in the Swiss court against Switzerland sharing their details with home countries.
The Swiss government had so far been reluctant to share details about the Indians named in a so-called 'HSBC list', which was reportedly stolen by a bank employee and later found its way to tax authorities in various countries including India.
Despite repeated requests from India, including through at least four letters written by former Finance Minister P Chidambaram, Switzerland had maintained that its local laws prohibit administrative assistance in matters where information has been sourced illegally, including through stolen lists.