In Switzerland, Swiss Leaks 'From Bygone Era'

In Switzerland, Swiss Leaks 'From Bygone Era' by Veronica DeVore, swissinfo.ch

Media, trade groups and regulators in Switzerland are asserting that HSBC Private Bank’s aiding of tax evaders has “primarily historical value” given that the Swiss financial marketplace has completely re-invented itself since the incriminating data was stolen.

The Swiss Bankers Association said in reaction to the leaks that “we are convinced everyone knows that the Swiss financial centre realigned itself years ago”, describing the documents stolen by former HSBC Geneva employee Hervé Falciani as “cases from the past”.

The Neue Zürcher Zeitung (NZZ) newspaper echoed that sentiment on Tuesday, stating that “amid all the outrage, one point cannot be overlooked: all of the revelations are based on client data that...