Dutch lose Swiss banking secrecy

26th June 2009, Comments 0 comments

Action will aid authorities in tax evasion investigations.

The Hague – Switzerland will cancel its banking secrecy agreement with Dutch clients, announced deputy finance minister Jan Kees de Jager on Thursday in an interview with the Reuters news agency.

Authorities will now be able to request information about Dutch account holders from Swiss banks, making it easier to track down tax evaders.

Last Tuesday, De Jager signed a similar agreement with Belgium.

The ministry of finance has conducted negotiations with several other countries and tax havens, among them Austria, the British Virgin Islands and the Cayman Islands.

Authorities estimated that foreign banks hold approximately EUR seven billion on which Dutch tax has not been paid.

Radio Netherlands / Expatica

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