Swiss Banks Try to Keep Italian Clients After Tax Deal

An agreement allowing the two nations to share information that was signed Monday means Italy will remove Switzerland from a black list, enabling Italians to come clean on undeclared Swiss funds on better terms and keep their money where it is. Italy is counting on a voluntary disclosure program to flush out undeclared assets estimated at about 160 billion euros ($181 billion). While there are no official figures for how much of the hidden money may be in Switzerland, more than two-thirds of funds that surfaced in Italy’s most recent amnesty were from the Alpine nation, a sign of the potential hit to Swiss banks. The deal gives the asset managers, already grappling with costly investigations from the U.S. to France, a chance to retain clients even as bank secrecy is abandoned.



via Business News http://ift.tt/1ANCF6N