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Swiss private bank Wegelin to exit US business

Swiss private bank Wegelin to exit US business

Swiss private bank Wegelin & Co. said Tuesday it was pulling out of the United States in response to stricter U.S. measures against tax dodgers.
"Goodbye to America," the bank said in a letter to investors, which cited increased regulatory requirements for foreign banks and planned changes to the estate tax as the reasons for its pullout.
The U.S. Internal Revenue System has cracked down on suspected tax evaders recently. A high-profile court case in Florida involving Swiss banking giant UBS AG was settled last week when Switzerland and the U.S. signed an agreement that will see details on almost 4,500 suspected tax dodgers handed over to the IRS.
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On the Net:
http://www.wegelin.ch


Updated : 2021-03-05 22:31 GMT+08:00