Changes in the CAVE OF ALI BABA

[caballero reyes]

CHANGES IN THE CAVE OF ALI BABA (SWITZERLAND)

As part of the banking reforms implemented by the Swiss government, since the end of September, Switzerland officially ended banking secrecy and began making the first automatic exchanges of financial information with other countries.

This exchange of information will be, initially, with members of the European Union and nine other states and territories, including the Anglo-Norman Islands of Jersey and Guernsey, Canada, Norway and Japan, said the Swiss Federal Administration of Contributions (AFC).

Among the requirements so that 'bank secrets' can be shared is the confidentiality between the countries, in order to guarantee the treatment and security of the data.

Some 7 thousand financial institutions, including banks, funds and insurance companies are registered with the Swiss AFC, and are obliged to collect and transmit to that authority the necessary data.

So far, the AFC has sent information about some 2 million accounts to partner states and also received information on millions of accounts, the statement said.

Switzerland maintained banking secrecy as a measure to attract people from all over the world and was the pillar for its banking activity.

The Global Forum on Transparency and the Exchange of Information for Fiscal Purposes of the Organization for Economic Co-operation and Development (OECD), which promoted the end of this banking secrecy, will control the process.

WHAT IS THE BANK SECRET?
Basically, it is a law that prohibits the disclosure of information regarding deposits and deposits received by banks.

COUNTRIES THAT KEEP ANY DEGREE OF BANKING SECRET
Recently the independent international organization "Tax Justice Network" (TJN) published a global rating of countries with the highest level of financial confidentiality.

U.S
Cayman Islands
Hong Kong
Singapore
Luxembourg
Germany
Taiwan
United Arab Emirates
Guernsey
Lebanon
Panama
Japan
Netherlands
Thailand
British Virgin Islands
Bahrain
sweater
Bahamas
malt
www.excelsior.com.mx

 

[caballero reyes]

The list of countries cited does not include Mexico, which makes this suspicious, since most of Mexico's political super-thieves have made deposits in those places, and this has been public but nothing is done against them or against Ali Baba's cave and his not 40, but thousands of thieves.

 

[caballero reyes]

Maybe someone does not understand the phrase "The cave of Ali Baba and the forty thieves"
I refer to one of the stories of "The thousand and one nights" where thieves hid the product of their robberies in a cave that only opened with the phrase "Open Sesame" and I came up with that comparison.

"Open Sesame" is the equivalent of the key that is given to the refined thieves who hide their money in Switzerland.

 

[caballero reyes]

Something more about the Cave of Ali Baba:

MONEY LAUNDERING by andres knobel.

However, many emerging countries in Latin America, Asia or Africa are missing. For customers in these countries that have an account in a Swiss entity little or nothing will change. They have called it the "zebra strategy", that is, blank treatment for rich countries and black (ie, hiding information) for developing countries. There is the danger. A report from the US Department of Narcotics of 2015 warned that "drug and drug organizations, often based in the Balkans. Eastern Europe, Latin America and West Africa dominate money laundering operations in Switzerland. "

As for the fiscal data that must be exchanged, there are certain fissures. Jorge Sarró states that "the information includes, in addition to personal data, all types of income (interest, dividends and income attributed to certain insurance contracts, among others), income derived from the sale or transfer of assets and the balance of accounts . And the rule also applies to trusts and foundations. "