"Swiss private banking and wealth management has to be re-invented or re-imagined. Swiss banking secrecy will not survive in its current form," she added.
Commenting further, she said whereas self-regulation for banks in terms of their risk models has been demonstrated to be ineffective over recent years, the Swiss self-regulatory model for anti-money laundering and compliance issues will remain in its current form for the foreseeable future.
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Lachat referred the US’s latest legislation ‘Foreign Account Tax Compliance Act’ (FATCA) as a unilaterally declared exchange of information treaty which will have many financial institutions effectively working for the US Internal Revenue Service.
The comments holds special significance as it comes at a time when a recent study by the consultancy Booz & Co said that Swiss private banks could lose about CHF47 billion (US$51.1 billion) in assets as clients make withdrawals before Switzerland’s tax agreements with Germany and the UK come into force in 2013.
Lachat also argued in favor of bringing increased regulation to better regulate the private banking industry in the Alpine nation.
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