“Walter Boss, a tax lawyer with Poledna Boss Kurer AG in Zurich, said uncertainty was ‘one of the worst enemies in the financial world.’ But more clarity could come at a steep price, even for banks that maintain they have done nothing wrong. Forced to cough up US client records, they are basically being ‘deemed guilty until proven innocent,’ Boss said. Hornung was even more critical. ‘It’s not really an agreement, but more of a dictate from the United States,’ he said. And after suffering the onslaught from Washington, the biggest danger could lie ahead if European tax authorities decide to take the same route as their American counterparts, Hornung warned.”
http://www.thelocal.ch/20130910/swiss-backing-of-fatca-devastates-finance-sector
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