Swiss Court Rules UBS Data Turnover Illegal (01/2010)

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Swiss Court Rules UBS Data Turnover Illegal (01/2010) Powered By Docstoc
					Swiss Court Rules UBS Data Turnover Illegal (01/2010)
Executive Summary – The Swiss Federal Administrative Court in Bern rules that the Swiss Financial Market Supervisory Authority broke the law when it ordered UBS to give data on 255 of the banks clients to the USA on Feb. 19th, 2009. The justification was that the data turnover let UBS avoid a criminal prosecution, which could have resulted in the bank becoming insolvent, so the Swiss regulator reasoned. The court said FINMA could not apply emergency procedures and should have consulted with the government first before acting. There were three plaintiffs in the case and the court awarded them 5000 Swiss Francs for legal expenses and a total of $17,000 in total compensation. The figure is a joke and falls far short of the damages these UBS clients suffered. The court decision can be appealed in the Swiss Supreme Court. The Swiss did say there was nothing they could do to reverse the data transfer to the USA. There are criminal cases filed with the Swiss prosecutors are still pending. Discussion – The OECD tax treaties are not working. The Swiss got duped into thinking that the playing field would be level and that every country was going to sign these tax treaties. Wrong. Many countries are refusing. Some outright saying no, others are say sure we will cooperate and then do nothing. Countries Not Signing OECD Tax Treaties – Ecuador, Hong Kong, Panama, Russian Federation, Venezuela, Bolivia, Brazil, Cuba, Saudi Arabia, Oman, Abu Dhabi, Qatar, Ukraine, Lithuania, Nigeria, North Korea, Iraq, Iran, Suriname. Ghana, Egypt, Jordan, Jamaica, Lebanon, Syria, Libya, North Korea, Yemen, Oman, Afghanistan, Pakistan, Romania, Bulgaria, Uzbekistan, Kazakhstan, Georgia, Azerbaijan, Turkmenistan, Peru, Paraguay, Thailand, Indonesia, Vietnam, and many African under developed nations. This is an extensive list. What Next – We think the Swiss feel like they were hoodwinked by the Patron Saint of the USA investments banks – Barrack Obama (Barry Sotero) the not qualified to be President of the USA. The decision to sign these tax treaties wrecked the Swiss banks and their economy with many unemployed. This caused a shift of funds to other jurisdictions out of Switzerland that would not sign the treaties. The tax treaties were pushed by the G20 and some of these nations would not even sign the treaties themselves. A big joke is what it is. Germany, Italy, France, UK and USA were behind these OECD tax information-sharing treaties in an effort to exploit their greatest assets – their taxpayers. It seems like the Swiss want out and are going to use the courts to affect this eventually negating these tax treaties or implementing decisions to make them worthless in just about any circumstance. If the Swiss back out of these treaties so will many other countries and we will be back where we were some years ago with bank secrecy in Geneve. Let these high tax police states learn to spend money they have and that is it. If left to his own devices Obama would have the Swiss people homeless and living in tents like his own people do in the USA. Looks like they woke up before it was too late. We hope more nations wake up and realize Obama is as bogus as the US Federal Reserve Notes and just ignore him. http://www.panamalaw.org