Word: switzerland
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
Norway and Denmark were the first to pull out. A few days later, the U.S. declared that it still considered Britain the "lawful sovereign" in Rhodesia, and followed suit. Washington's undisguised snub precipitated a wholesale departure. Italy, The Netherlands, France, Belgium, Austria and West Germany shut down; Switzerland wavered. Only South Africa and Portugal-both of which back Smith's regime-and Greece, which has an honorary consul there, were sure to remain...
...foreign "loan"-and defy the IRS to say it is not. That is only one of the milder variants of a sophisticated array of illegal ploys that have been made increasingly easier in recent years by the proliferation of Swiss banks in the U.S. and U.S. banks in Switzerland and the Bahamas. U.S. officials most intimately concerned with the problem conservatively estimate that the misuse of secret bank accounts may be draining the nation of hundreds of millions of dollars a year...
...same time, major U.S. banks -the Bank of America, Chase Manhattan and First National City-have set up shop in Switzerland, a move that entitles their Swiss branches to all the protection and secrecy of Swiss banking law. In several Swiss cities, the largest volume of business is done by the local branches of American banks. Americans now own or control several banks in Switzerland and in the Bahamas, which offers an equally attractive haven of secrecy and now has 52 banks for a population...
...they have been unquestioning of their customers. This week a delegation from Zurich will arrive in Washington to discuss a treaty to curb the use of secret accounts for activities illegal under Swiss law. But in such matters as tax evasion, which is not considered a crime in Switzerland, the Swiss have given no indication that they are willing to help enforce U.S. tax laws. This makes even more urgent the Patman bill's provision to require disclosure before money bound for Switzerland or the Bahamas leaves U.S. shores...
...rapid end to the Old World bias against advertising. The U.S. still leads the world in ad expenditures (1969: $19.5 billion, up 7% from 1968), but ad outlays in Europe are rising faster. In the countries that make most use of advertising-West Germany, Britain, France, Italy, Sweden, Switzerland and The Netherlands-expenditures last year totaled $6.3 billion, up 12.5% from $5.6 billion...