A decision by banks in Switzerland, Luxembourg, Liechtenstein and Monaco to water down the age-old rules of secrecy governing accounts held by foreigners is the reason.
Under pressure from the United States and the European Union, these countries are warning their customers that if they don't declare their bank accounts to the taxman in the countries where they live, they threaten to do it for them. That, or issue a cheque for the amount they hold followed by the closure of their account -- but a cheque is no good for individuals who would have to use it to open another account, thus flagging up to fiscal authorities that which they want to hide in the first place. As a result, people who wouldn't dream of breaking the law in any other respect are now playing a high-stakes game of chance moving their assets in cash.
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