Swiss Concerned Over Banking Secrecy Sanctions Threat

PT       2002-09-10 
The threat of sanctions if Switzerland refuses to fall in line with the European Union's information exchange proposals was raised last week, according to several recent reports.
At a meeting of European finance ministers on Friday, EU Commissioner Frits Bolkestein is said to have hinted that the imposition of capital restrictions on Swiss citizens wanting to invest in the EU is one possibility in the event of Switzerland's non-compliance on the issue of banking secrecy, a suggestion which appears to have worried the Swiss government.