“THERE’S A FISCAL world war taking place,” says Ray Soudah of Millenium Associates, a Swiss-based adviser to private banks. Data on offshore banking clients in Switzerland and Liechtenstein has been stolen and sold to governments for vast sums. Hervé Falciani, a former IT employee at HSBC Geneva, lives under a new identity after stealing and selling data on offshore French clients back to France. And rumours are floating around Switzerland that foreign governments have been employing secret service agents to spy on citizens who travel to Switzerland and have offshore accounts there.
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