Foreign banking

[jade_dragon]

Does anyone have verified information on how foreign banks especially Switzerland handles info requests? This is to settle an argument with a friend and also get some information out there. We have all heard about Swiss banks supposidly being very stern and not giving info on accounts to anyone not verified, does this still hold true (remember verified, no urban legends or my friend saids here)

I know it is possible, for instance my aunt works for the California state government (yeah i know it is not the irs but here me out) in the department that deals with going after child support orders etc. She says there are banks in the U.S. that they can not even touch. She showed me how they can freeze accounts of people as well as accounts of anyone who has a name in that account so it is not like they lack power. She says that simply they can not touch the info unless the state has a mandate to do so. So I am wondering does switzerland still protect the financial information of its account owners, does anyone know if there are any places that still do such as the west indies countries etc. Thanks. (please limit the DON'T DO ITS, also once again this is for informative purposes only ;)

[jade_dragon]

BUMP

[faxxaff]

hehe, this is a bit tricky (are you working for the irs ?) .... if you open an account with the Swiss post bank for example everybody coming to their counter can ask if you have an account at that bank (unless you specified in your application that you do not want your info to go public). They will say yes or no, but they will not tell them how much money you have in the account.

[jade_dragon]

No I do not work for the IRS, this was just to satisfy a bet. I think it is discresionary of the banks in that region and that they probably have more than half of their money originated from people trying to hide and they would not betray that because it is a major form of revenue. My friend on the other hand believes it does not matter and that the US government can get information at any time from places such as this because they will wish to "be on america's good side"

I guess the answer is, they do not have to by any law, meaning they can choose not to, i would like to know there was a law saying they could not if possible to prove what I was saying as right. Anyone have proof of such a law, a financial version of our health privacy codes?

[faxxaff]

Originally posted by jade_dragon
because they will wish to "be on america's good side"

Funny statement. you must be an American. While I like the US it is hard for me to understand why Americans always think that everybody wishes to be on their side. American people are great but they do as many wrong things as others. times have changed. Swiss banks make more money with other countries than with the US and I am sure a majority of the funds inside their walls is coming from legal sources. They protect the privacy and the constitution. I think this is a pretty good thing to do.