Swiss Francs five cent coins are heaped in a pile as members for the initiative "CHF 2,500 monthly for everyone" (grundeinkommen) open rolls of five cent coins in the old vault of the former Schweizerische Volksbank in Basel October 1, 2013. The committee dumped 8,000,000 five cent coins, weighting 15 tones, over the Federal Square in Bern on Friday, before delivering 126,000 signatures to the Chancellery to propose a change in the constitution to implement their initiative. The initiative aims to have a minimum monthly disposal household income of CHF 2,500 (US$ 2,700) given by the government to every citizen living in Switzerland.    Picture taken October 1, 2013.

The EU wants to break the secrecy around firms that help create offshore accounts

13,285

Out of the 140 firms cited in recent leaks, the Swiss financial services giant UBS helped create the biggest number of offshore companies, 13,285, according to a report published in January.

Published   |  Photo by Reuters/Ruben Sprich
Swiss Francs five cent coins are heaped in a pile as members for the initiative "CHF 2,500 monthly for everyone" (grundeinkommen) open rolls of five cent coins in the old vault of the former Schweizerische Volksbank in Basel October 1, 2013. The committee dumped 8,000,000 five cent coins, weighting 15 tones, over the Federal Square in Bern on Friday, before delivering 126,000 signatures to the Chancellery to propose a change in the constitution to implement their initiative. The initiative aims to have a minimum monthly disposal household income of CHF 2,500 (US$ 2,700) given by the government to every citizen living in Switzerland.    Picture taken October 1, 2013.
13,285

Now the EU is considering legislation that would crackdown on those intermediaries, forcing them to reveal their offshore tax schemes.

Swiss Francs five cent coins are heaped in a pile as members for the initiative "CHF 2,500 monthly for everyone" (grundeinkommen) open rolls of five cent coins in the old vault of the former Schweizerische Volksbank in Basel October 1, 2013. The committee dumped 8,000,000 five cent coins, weighting 15 tones, over the Federal Square in Bern on Friday, before delivering 126,000 signatures to the Chancellery to propose a change in the constitution to implement their initiative. The initiative aims to have a minimum monthly disposal household income of CHF 2,500 (US$ 2,700) given by the government to every citizen living in Switzerland.    Picture taken October 1, 2013.
13,285

Intermediaries connected to the biggest number of offshore companies

Swiss Francs five cent coins are heaped in a pile as members for the initiative "CHF 2,500 monthly for everyone" (grundeinkommen) open rolls of five cent coins in the old vault of the former Schweizerische Volksbank in Basel October 1, 2013. The committee dumped 8,000,000 five cent coins, weighting 15 tones, over the Federal Square in Bern on Friday, before delivering 126,000 signatures to the Chancellery to propose a change in the constitution to implement their initiative. The initiative aims to have a minimum monthly disposal household income of CHF 2,500 (US$ 2,700) given by the government to every citizen living in Switzerland.    Picture taken October 1, 2013.
13,285

Intermediaries include major institutions like UBS, Credit Suisse, and HSBC, but also lesser known yet equally powerful ones like Trident Corporate Services.

Swiss Francs five cent coins are heaped in a pile as members for the initiative "CHF 2,500 monthly for everyone" (grundeinkommen) open rolls of five cent coins in the old vault of the former Schweizerische Volksbank in Basel October 1, 2013. The committee dumped 8,000,000 five cent coins, weighting 15 tones, over the Federal Square in Bern on Friday, before delivering 126,000 signatures to the Chancellery to propose a change in the constitution to implement their initiative. The initiative aims to have a minimum monthly disposal household income of CHF 2,500 (US$ 2,700) given by the government to every citizen living in Switzerland.    Picture taken October 1, 2013.
13,285

Intermediaries stay between the clients that try to escape taxes and the firms that deal more directly with offshoring, like Mossack Fonseca.

Swiss Francs five cent coins are heaped in a pile as members for the initiative "CHF 2,500 monthly for everyone" (grundeinkommen) open rolls of five cent coins in the old vault of the former Schweizerische Volksbank in Basel October 1, 2013. The committee dumped 8,000,000 five cent coins, weighting 15 tones, over the Federal Square in Bern on Friday, before delivering 126,000 signatures to the Chancellery to propose a change in the constitution to implement their initiative. The initiative aims to have a minimum monthly disposal household income of CHF 2,500 (US$ 2,700) given by the government to every citizen living in Switzerland.    Picture taken October 1, 2013.
13,285

The new transparency rules are being proposed by the European Commission. They have to be evaluated by other EU bodies and could be valid by 2019.

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