Word: accounts
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Dates: during 1970-1979
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...will be modified. Many Italian politicians and educators are afraid that the new policy will hurt the study of Italian culture. Some educators even propose to ignore it. The government may in fact be softening its stand. According to an education ministry spokesman, the final law "will take into account the bilateral agreements between Italy and other countries...
...first step in Switzerland's bank reform program took effect this month: a new code of conduct, drawn up by the Swiss National Bank, the country's central financial institution, and the Swiss Bankers' Association. No longer are clients allowed to open a Swiss account without revealing their true identity. Anonymous banking, when it was allowed, was a powerful attraction for corrupt dictators and Mafiosi, among others, seeking to hide their funds. Under the new rules, Swiss bankers are barred from providing active assistance to customers who evade taxes or export capital illegally from foreign countries...
...scandal that prompted these reforms bloomed at 121-year-old Crédit Suisse, whose assets of $18 billion make it one of the storied Big Three of Swiss banking (the other two: Swiss Bank Corp. and Union Bank of Switzerland). Together they account for nearly half of all the banking assets in the country. A Crédit Suisse branch manager. Ernst Kuhrmeier, 57, has been accused of "disloyal management"-the Swiss equivalent of business fraud. He allegedly manipulated more than $800 million in a series of questionable and outright illegal dealings (TIME, May 23). Kuhrmeier...
...been Switzerland's enviable history of territorial neutrality. But in the postwar decades an equally big attraction has been the hermetic seal imposed by Swiss officials on banking activity-reinforced with maximum fines of $20,000 or jail sentences for revealing details of a customer's account. Tax-shy foreigners also know that under Swiss law, tax evasion is considered a civil rather than a criminal offense, which means that Swiss bankers are expressly forbidden to cooperate with investigators from abroad. (A new bilateral treaty with the U.S. on cooperation in tracking down criminals has not altered this...
...funds was all too tempting to Crédit Suisse's Kuhrmeier, manager of the bank's Chiasso branch. He brought huge volumes of business to his bank. Swiss investigators eventually discovered, Kuhrmeier did this by offering depositors 1) interest rates higher than those paid for Eurodollar accounts and 2) written assurances that Crédit Suisse guaranteed depositors' funds. In short, he exploited the advantages of the fiduciary account ploy without obeying its restrictions...