"The World Economic Council in Davos, Switzerland has released its list of nations’ ranking in terms of competitiveness. As always, Switzerland is on top. That’s what peace can do for a nation. Also limited central government, respect for property rights, and low crime. Here are the top nations. At the bottom, also as always, are mostly African tribal units that are euphemistically called nations." Continue reading →
"About a hundred Swiss banks will avoid prosecution by divulging the names of US clients who have allegedly avoided tax by using secret accounts. The banks could face fines of up to 50 percent of the asset value if they provide full disclosure. Under the deal, each bank will set its own non-prosecution or deferred-prosecution agreement with the US authorities. The fines are set to reach up to 50 percent of the aggregate value of any undeclared accounts held by wealthy Americans, depending on the time the accounts were opened. Swiss banks will have to assess the cost of potential penalties versus the risk of US prosecution." Continue reading →
"Princess Latifa Bin Fahd bin Abdulaziz Al Saud, who is 54 and a daughter of former king Fahd, bought the 18,800-square-metre (202,362-square-foot) estate from the wealthy Nordmann family that co-owns upscale department store chain Manor and the maker of Lacoste clothing. The purchase price for the property is the second-highest on record in the city. The villa on the estate, known as Hauterive, is protected along with other properties overlooking Lake Geneva. Al Saud joins a number of other Saudi royals who already live in luxurious settings in the canton of Geneva." Continue reading →
"Zurich's cantonal bank is halting all transfers to Cuba starting next month to avoid activities deemed in violation of a US embargo on the communist-ruled island. Bank spokeswoman Evelyne Brönnimann told AFP that new rules meant ZKB must now attest to its banking partners in the United States that its activities are in line with the US Office of Foreign Asset Control (OFAC) rules. 'If this is not the case, the United States can take actions against the banks like freezing their holdings,' the bank statement said. The head of the Swiss-Cuban Chamber of Commerce harshly criticised ZKB's decision, lamenting that the bank was removing the only banking channel operating in Swiss francs." Continue reading →
"An American retiree living in Switzerland has gained rare access to the pariah state to build schools in the usually off-limits countryside. Typhoons had destroyed many North Korean schools, built with mud and hay instead of cement, and Carpenter's foundation agreed to help, becoming one of few independent aid groups in the country. Carpenter almost fully funds the North Korean projects himself, and laments the difficulty of convincing donors to pitch in. People 'don't see the human angle (or) the hardship,' he said. 'North Koreans are human beings who laugh and cry like people everywhere,' he said, describing people with a 'good sense of humour' who are curious about the outside world." Continue reading →
"The Swiss government regularly comes in for criticism over the export of firearms. A blocked sale of weapon components to the United States has recently put the spotlight on little known aspects of the global arms trade. The government in January vetoed the deal for handgun parts worth more than CHF400,000 on the grounds that the handguns – assembled in the US for export to Saudi Arabia - could be used to violate human rights." Continue reading →
"The U.S. is clearly on a mission to confiscate assets throughout the world. In the beginning, there was OVDP for individuals. Now we have OVDP for banks. Coming soon, OVDP for financial advisors. Soon, we will all become Whistleblowers. The solution to this is for the U.S. to simply absorb all the other sovereign nations of the world. Once we become one country, there will be no more 'offshore accounts'. But, how would fines be imposed then? Conclusion and message to U.S. citizens abroad … You better enter OVDP before your bank does!" Continue reading →
"The deal offers individual Swiss banks the opportunity to avoid US prosecution if they agree to pay 'substantial fines', disclose all of their cross-border activities, provide details on the accounts of US citizens, and give information on the sources and destinations of transferred funds in relation to secret American accounts. Each bank will set its own non-prosecution agreement or deferred-prosecution agreement with the US authorities under those terms. The fines will be assessed at 20-50 percent of the aggregate value of any undeclared accounts held by Americans, depending on the time they accounts were open — before 2009 or since then." Continue reading →
"The report also ranks the global cities that matter the most to these high-net-worth individuals, based on four categories: economic activity, political power, quality of life, and knowledge and influence. Overall, New York and London top this list as well, followed by Paris, Tokyo, Hong Kong, Singapore, Sydney, Washington, D.C., Toronto, and Zurich. This list is similar to my own ranking of the world's most economically powerful cities. The cities are also ranked on each category individually, and the table below (from the report) charts the leaders in each of the four categories." Continue reading →
"On Aug. 16, Edgar Paltzer, 57 years old, a Swiss lawyer formerly with the Zurich firm of Niederer, Kraft & Frey, pleaded guilty in federal court in New York to a single count of conspiracy. Experts say Mr. Paltzer is the most prominent Swiss adviser to confess and the first to do so publicly. More than 30 advisers have been indicted in connection with allegedly enabling U.S. taxpayers to hide money abroad. The case puts further pressure on U.S. taxpayers holding secret offshore accounts, because advisers might opt to protect themselves by turning in their clients. The case also expands government scrutiny to assets stored in bank vaults." Continue reading →