Swiss Private Banks Squeezed by New Rules

The Swiss government is requiring the country's 356 banks to crack down on money laundering by scrutinizing clients and their account activity. They also have to withhold taxes on accounts held by foreigners and send the proceeds to the customers' home governments. About $670 billion, or 73% of the total $920 billion deposited by non-Swiss private clients in Switzerland, isn't declared to tax authorities, according to a report by Deutsche Bank.