Switzerland Threatens Tax Cheats Using ‘Wrappers’

Swiss regulators are probing whether investors are buying life insurance to hide undeclared assets from tax authorities as the dispute over banking secrecy widens.

“We are checking selectively if there is a need for regulator action on the risk management of insurers and banks,” said Alain Bichsel, a spokesman for the Swiss Financial Market Supervisory Authority, known as Finma, in Bern. “We are warning of the risk of cross-border business..."

Business Week: Switzerland Threatens Tax Cheats Using ‘Wrappers’