Swiss banks facing huge fine over US assets: report

GENEVA: Swiss banks holding US citizens' funds that are not declared to American tax authorities are set to have to pay a massive fine, under a deal between Switzerland and Washington, a newspaper reported Wednesday.

Swiss banking secrecy has no place in globalised world'

Switzerland's bank secrecy laws and anonymous numbered accounts have a long and shameful history: They have been used to help criminals conceal illicit gains, to deny Holocaust survivors their stolen inheritances and to help the world's wealthy hide taxable income.