With the international regulatory authorities to track down the secret funds in tax havens around the world, Switzerland and others government is facing pressure to share banking information and change of policy.
Currently, private banking and wealth management companies are rushing to convert the so-called "black money" - undisclosed secret account to above board.
Bleaching secret account brought many opportunities for the financial industry. Analysts pointed out that, as more and more funding is legalized, financial institutions to sell more wealth management products to the rich and enter the previously restricted area of the market.
Jean Schaffner, head of the Luxembourg tax practice at the law firm Allen & Overy said: “There’s much less black money now than three years ago, It’s in the banks’ interests for clients to come forward with their money.”
Currently, private banking and wealth management companies are rushing to convert the so-called "black money" - undisclosed secret account to above board.
Bleaching secret account brought many opportunities for the financial industry. Analysts pointed out that, as more and more funding is legalized, financial institutions to sell more wealth management products to the rich and enter the previously restricted area of the market.
Jean Schaffner, head of the Luxembourg tax practice at the law firm Allen & Overy said: “There’s much less black money now than three years ago, It’s in the banks’ interests for clients to come forward with their money.”
