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Business Matters: Switzerland's cherished banking secrecy suffers a major blow

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30/05/2013

Switzerland's cherished banking secrecy suffers a major blow

BBC World Service - Business Matters, Switzerland's cherished banking secrecy suffers a major blow

Swiss banks to pass information on account holders to US authorities

A Swiss government bill has just been put to parliament which would allow Swiss banks to hand over internal information to the US authorities

A blow to banking secrecy: a Swiss government bill has just been put to parliament which would allow Swiss banks to hand over internal information to the US authorities  - effectively sidestepping Switzerland's own secrecy laws, but hopefully also placating Washington. We analyse what it means. Plus, the European Commission does a volte-face on austerity, and Facebook agrees to remove content which promotes gender-based hatred. We have reaction and commentary from our guests, Mariana Mazzucato - author of "The Entrepreneurial State" and Mark S.Matthews, head of research Asia at Bank Julius Baer.

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