Tax attack on Swiss private banks


Switzerland has been under sustained attack from the US authorities, with the aim of shutting down any banks helping US citizens to avoid taxes. As a result of international pressures, the banks have been changing their business to highlight portfolio management and asset allocation, rather than earning money from luring clients into secret, tax-friendly structures. Swiss banking lawyer Shelby du Pasquier talks to Yuri Bender about the challenges faced by the country's private banks.