Switzerland’s banks have today issued a rare apology for their role in helping tax cheats .
The apology comes after an historic settlement with US authorities which could see some of the smaller private banks go out of business.
They have until the end of 2013 to declare the tax evasion by their US customers in a deal struck with US investigators to pay fines rather than face prosecution
Says Swiss bankers association chairman Patrick Odier:
It was not because we lacked skills and knowledge that we found ourselves in these unfortunate situations . It was because we acted wrongly and we displayed wrong conduct. I regret this all the more because we have damaged the reputation of the entire Swiss financial centre
Personally I find it quite refreshing that the days of the secret-squirrel Swiss banking laws are largely no longer with us, although I must confess I would not have enjoyed it so much during my trading days at UBS and CS when we happily dealt large chunks for numbered accounts, respecting their anonymity.
The opening-up of the Swiss banking system to scrutiny is another tool that the SNB is gratefully applauding to help depreciate the franc.
