Thursday, March 26, 2009

Swiss banks ban top executive travel

Swiss banks ban top executive travel

By Richard Milne in Geneva

Published: March 26 2009 19:08 | Last updated: March 26 2009 19:08

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 head of one leading private bank in Geneva said the growing determination of countries such as the US and Germany to tackle tax evasion and secrecy meant banks felt they had to take extra measures to protect employees.