Geneva's Banks Push Clients to Come Clean

A French crackdown on tax evasion puts Swiss institutions on the spot
Geneva Photograph by Valentin Flauraud/Bloomberg

For more than a century, Geneva has provided wealthy French families a convenient and safe place to stash their money. Switzerland’s political neutrality, stability, and tradition of bank secrecy have kept their fortunes beyond the reach of warring powers and the most determined tax collectors, even though Geneva is less than 3 miles from the French border. In turn, French funds have helped build the city into a showpiece for Gallic culture—and the world’s largest concentration of wealth managers.

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