New developments soon in Franco-American and Franco-Swiss relations.

France has recently signed an amendment to each of the treaties (on income tax) concluded with the United States and Switzerland (on 13 and 12 January last). Although these amendments will not come into force before one or two years, it is important to note that Switzerland has agreed henceforth to set banking secrecy aside whenever tax fraud is suspected.
Switzerland is therefore tending to increase the information available to foreign administrations slightly more every day
(as we saw recently with UBS’s difficulties with the American tax authorities).

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