Nicolas Pictet, a managing partner at Pictet & Cie., said it would be “very difficult to still earn money” should Swiss banks have to verify their customers are tax-compliant through a signed declaration, HandelsZeitung reported.
Such a system would create “endless bureaucracy,” the Swiss newspaper cited Pictet as saying in an interview.
Switzerland is developing a “white-money strategy” that may include stricter due diligence requirements to prevent wealth managers accepting undeclared assets, the federal government said in February. Measures may include self- declarations from customers and an obligation on banks to ensure their clients are tax-compliant.
Swiss private banks may earn less if they only handle tax- declared money from European clients, HandelsZeitung cited Pictet as saying. “The fees are not much lower but we must provide more in return,” he said, according to the newspaper.
To contact the reporter on this story: Giles Broom in Geneva at email@example.com
To contact the editor responsible for this story: Frank Connelly at firstname.lastname@example.org