(English) Letter to the Editor of the New York Times – April 3rd, 08

Panama , April 3, 2008

To the Editor of the New York Times:

Carter Dougherty article Trying to Get the Swiss to Talk ( 03/29/08 ) forgets that Switzerland is a non conformist member of the OECD that opposes the OECD on the exchange of Tax Information.

The United States, principal member of the OECD, does not tax interests earned on deposits held by foreigners, nor capital gains on investments from foreign investors, and does not supply information to any country – with the exception of Canada – on the identity of such deposit holders and investors. Those bank deposits, plus the investments in stocks and bonds in the United States , are estimated to amount to approximately 11 trillion dollars. Thus is not an exaggeration to affirm that Swiss banking secrecy and the United States ’ are very similar. And both countries are very adamant for its protection.

Eduardo Morgan

Former Ambassador of Panama to the U.S.