In an interview with Le Temps, Mark Branson, FINMA CEO, talks about the future of the Swiss financial center. He sees further regulations and risk management, and a transformation of the cross-border business.
When asked about the tax dispute between the Swiss banks and the USA, he believes that Category 2 banks have a framework, the US Program, to solve the issue and a solution should be near. Category 2 banks are the banks that are not already under investigation by the Department of Justice (DoJ) but have reason to believe that they have committed tax-related offenses. On the other hand, Category 1 banks are in direct negotiations with the US and fines are defined on an individual basis.