H E Ambassador Fabrice Filliez Ambassador State Secretariat
H. E Ambassador Fabrice Filliez Ambassador State Secretariat for international financial matters
Federal Department of Finance FDF State Secretariat for International Financial Matters SIF Switzerland – a competitive and stable centre of excellence for international banking Swiss Arab Financial Forum Geneva, April 3, 2014 Fabrice Filliez Ambassador, State Secretariat for international financial matters
Overview • • Swiss Financial Centre, some figures Trade Switzerland – Arab countries Financial market policy International challenges: - Business taxation - Automatic information exchange • Conclusion Federal Department of Finance FDF State Secretariat for International Financial Matters SIF 3
Financial Centre Switzerland 300 210‘ 000 10% banks, of which 132 foreign banks employees added value as a percentage of GDP No 1 100% 101% in world-wide cross boarder private banking international know how Federal Department of Finance FDF State Secretariat for International Financial Matters SIF sound public finances political stability strong currency 4
Financial Centre Geneva No. 8 36‘ 000 of financial sectors worldwide employees in the financial sector 3200 financial intermediaries 123 banks No. 1 931 worldwide in the finance of commodity trading Federal Department of Finance FDF State Secretariat for International Financial Matters SIF multilateral companies 5
Trade Switzerland - Arabian countries 14 11 Swiss banks only in Dubai Middle East banks in Switzerland (increasing number) 2 x 4, 0% trade between Arab countries and Switzerland doubled since 2005 share of Arab countries on total trade, increased from 2, 2 to 4% Federal Department of Finance FDF State Secretariat for International Financial Matters SIF 6
Financial market policy Market policy aims for. . . - quality - stability - integrity Federal Department of Finance FDF State Secretariat for International Financial Matters SIF 7
International challenges: Business taxation Switzerland calls for… - equal treatment - integral approach - tax competition Federal Department of Finance FDF State Secretariat for International Financial Matters SIF 8
International challenges: Automatic exchange of information Standard must contain… - principle of speciality - data protection - reciprocity - tax competition - identification of beneficial owner Federal Department of Finance FDF State Secretariat for International Financial Matters SIF 9
Conclusion Switzerland's framework conditions for its financial centre pursue three objectives: top quality long-term stability high level of integrity (fight against financial and tax crime) Switzerland offers a stable, competitive and friendly environment for international businesses to grow and invest Federal Department of Finance FDF State Secretariat for International Financial Matters SIF 10
- Slides: 10