It won't be long and the phrase “as safe as a Swiss bank vault” will lose its initial meaning. Nowadays, reliability means not only secured bank accounts. Today, bank deposits are insured and security technologies made big progress. Now, a potential client thinking of a good bank, first of all, expects the personal information about funds on his account to be protected. Over one third of the Swiss banks are lining up to unveil key information about foreign clients suspected of tax cheating to the US Department of Justice. Otherwise, the financial institutions rejecting to assist the US authorities in investigation of tax evasion would face legal proceeding. Some banks have already confessed to enabling wealthy Americans to evade taxes in exchange for participation in a program launched by the American Justice Department and the Swiss cabinet assuring that these banks won't be prosecuted. The main clause of the agreement guarantees the banks willing to deliver the data and to pay penalties that they will not be exposed to any legal risks. The Swiss government provides sufficient support its US colleagues and says that in case of misunderstanding, the country's whole financial sector can be harmed and the majority of Swiss banks could meet bankruptcy. “Overall, we are satisfied with the response of the Swiss bank sector and we understand that the US does not aim to destroy the financial sector of Switzerland but want to return their money. We think banks should not cover tax evaders”, - emphasized Denise Chervet, the secretary-general of the Swiss Bank Employees’ Association.
