27/03/2009 15:05
Bank executives banned to travel in Switzerland
Switzerland’s private banks have started to ban their top executives from travelling abroad, even to neighbouring France and Germany, because of fears they will be detained as part of a global crackdown on bank secrecy, The Financial Times reports, according to K2Kapital.
The travel bans, which have not been brought in by all banks, have focused on those visiting the US, following the detention there last year of a senior private banker from UBS, Switzerland’s biggest bank, as part of a federal tax investigation.
The restrictions come ahead of next week’s G20 summit in London, where the issue on offshore zone, including Switzerland is to be raised.