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S U B S C R I B E
News
Rich foreigners flee Zurich's new tax regime
Friday, 19 March, 2010It’s an exodus, in luxury class, of course. Since Zurich’s citizens decided to abolish the lump-sum tax arrangement for rich foreigners, more than 10 percent of them have upped sticks and jumped into the welcoming laps of neighbouring cantons. WRS’s Conor Lennon called up Thomas Schenkel from Zurich’s cantonal tax office to get his reaction to this capital flight—and it turns out he’s not too concerned about it:
Friday, 19 March, 2010It’s an exodus, in luxury class, of course. Since Zurich’s citizens decided to abolish the lump-sum tax arrangement for rich foreigners, more than 10 percent of them have upped sticks and jumped into the welcoming laps of neighbouring cantons. WRS’s Conor Lennon called up Thomas Schenkel from Zurich’s cantonal tax office to get his reaction to this capital flight—and it turns out he’s not too concerned about it:
Money-laundering insider: Illicit money flowing out of Switzerland
Friday, 19 March, 2010As pressure grows on the country’s tradition of banking secrecy, illicit funds which had been placed in Switzerland are now being moved to places that are still out of the spotlight, says a former money launderer who worked for South American drug traffickers. Former U.S. banking lawyer Kenneth Rijock, who has been briefing Swiss financiers in Geneva, was convicted of racketeering and money laundering during the 1980s. While in jail, he used his insider knowledge to assist a joint Swiss-American money laundering investigation, which resulted in a major seizure. Our Washington correspondent Daniel Ryntjes asked Mr. Rijock how he thought Swiss banking has changed since the recent U.S. investigations of UBS:
Friday, 19 March, 2010As pressure grows on the country’s tradition of banking secrecy, illicit funds which had been placed in Switzerland are now being moved to places that are still out of the spotlight, says a former money launderer who worked for South American drug traffickers. Former U.S. banking lawyer Kenneth Rijock, who has been briefing Swiss financiers in Geneva, was convicted of racketeering and money laundering during the 1980s. While in jail, he used his insider knowledge to assist a joint Swiss-American money laundering investigation, which resulted in a major seizure. Our Washington correspondent Daniel Ryntjes asked Mr. Rijock how he thought Swiss banking has changed since the recent U.S. investigations of UBS:
Deportation flights suspended after asylum seeker dies
Thursday, 18 March, 2010An asylum seeker threatened with deportation died at Zurich airport today. The 29-year-old Nigerian man, who had gone on a hunger strike, died shortly after being restrained. He had been accused of drug trafficking and was due to be deported on a flight to Lagos with 15 other detained asylum seekers. They had all been restrained by police who say it is common practice for security reasons. The Federal Migration Office says it regrets what it describes as a tragic incident and it has suspended all similar flights until further notice. Authorities in Zurich have opened an inquiry. WRS’s Conor Lennon made some calls to find out more:
Thursday, 18 March, 2010An asylum seeker threatened with deportation died at Zurich airport today. The 29-year-old Nigerian man, who had gone on a hunger strike, died shortly after being restrained. He had been accused of drug trafficking and was due to be deported on a flight to Lagos with 15 other detained asylum seekers. They had all been restrained by police who say it is common practice for security reasons. The Federal Migration Office says it regrets what it describes as a tragic incident and it has suspended all similar flights until further notice. Authorities in Zurich have opened an inquiry. WRS’s Conor Lennon made some calls to find out more:
