European states keep Swiss bank secrecy under siege

German Finance Minister Wolfgang Schaeuble sent shivers through the large Swiss private banking industry this week when he said Berlin was prepared to pay for stolen data belonging to potential tax cheats at a Swiss bank, raising the bar in the fight against tax evasion.

Now, the Dutch, Belgian and Austrian governments have also flagged interest in obtaining a copy of a compact disc with tax-sensitive data that Berlin may soon buy from an informant.

Swiss Finance Minister Hans-Rudolf Merz said on Wednesday the Swiss would not help Germany or others hunt tax cheats on the basis of stolen Swiss bank data, but tried to defuse the escalating row by saying Berne would not retaliate.

"It is obvious that such a theft is a criminal act," Merz said. "Switzerland should therefore not offer administrative (tax) assistance in such cases either now or in future."

But he added that Switzerland would continue to engage in talks aimed at signing a new treaty with Germany.


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