REFILE-Latin American tax clampdown latest threat to Swiss bank accounts

viernes 5 de agosto de 2016 07:06 GYT

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* Julius Baer CEO warns of impact of LatAm outflows

* Mirabaud analyst sees 1-2-year impact of tax drive

* 14 pct of Swiss offshore wealth from LatAm by 2020 -report

By Joshua Franklin

LONDON, Aug 5 (Reuters) - Switzerland's private bankers fear cash-strapped Latin American countries pursuing billions of dollars in unpaid taxes will push the region's wealthy to pull cash from their Swiss bank accounts.

For these banks, still recovering from European and U.S. clients withdrawing tens of billions of dollars following a post-financial crisis clampdown on tax dodging, the outflows come as Switzerland grapples with weaker bank secrecy.

These Swiss rules helped the world's super-rich keep cash hidden from the taxman for decades. That has all changed in recent years as U.S. and European agencies offered them a chance to declare offshore accounts, pay penalties and settle back taxes.

Now governments in some of the emerging markets on which Swiss banks are pinning growth hopes are also chasing unpaid dues.   Continuación...