Swiss accounts easier to access

Swiss Parliament has given approval to amendments to tax treaties with countries, including India, to makes it easier for them to access information about the illegal funds held by their nationals in Swiss private banks.The upper house of the Swiss Parliament endorsed amendments to double-taxation agreements in line with internationally applicable standards. Governments to have signed DTAAs can now secure easy legal assistance and information as well as identify an account holder from their territories by providing an IBAN number or social security number.Amendments to Swiss banking secrecy laws can still be challenged by a popular referendum within 100 days, analysts said.Beneficiaries from the new amendments include India, Germany, Canada, Japan,Netherlands,Greece,Turkey,Uruguay, Kazakhstan, and Poland. Swiss Parliament approval is at a time when the Indian government is facing heat of pressure from the Opposition,apex Court and civil society to bring back black money stashed away in tax havens.