(Bloomberg): Wealth managers in Switzerland face “great challenges” that may topple the country as the world’s biggest offshore center, the Swiss financial supervisory authority said. Regulatory and tax changes threaten Switzerland’s 27 percent global market share, Patrick Raaflaub, chief executive officer of Finma, said today in an interview in Bern. “It wouldn’t be a national tragedy for Switzerland if the quantity of cross-border wealth management were to decline,” he said. “Not everything a client would like you to do is possible.” Switzerland is trying to shed its image as a haven for undeclared assets following a crackdown on tax evasion by US authorities. In the future banks must ensure that foreign clients are tax compliant in their home countries, according to proposals last month by the Swiss federal government.

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