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Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of a landmark federal law, the Federal Act on Banks and Savings Banks.
Otherwise known as bank–client confidentiality or banker–client privilege, [7] [8] the practice was started by Italian merchants during the 1600s near Northern Italy (a region that would become the Italian-speaking region of Switzerland). [9]
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- History
- Original Frame
- Amendments
- Civil Codes on Banking Secrecy
- Constitutional Articles on Banking Secrecy
- Revisions
- See Also
- External Links
Banking secrecy and bank–client confidentiality had been a traditional and a civil offense in Switzerland since the 1770s. A handful of Cantonal-based statutes had existence since the 1800s that were regularly enforced to protect client information even before the passage of the law. Under these local statutes violations of banking secrecy were dea...
The original framing of the Federal Act contains 56 articles that establish a variety of financial, legal, and economic regulations for any banking institution operating within Switzerland. The most notable Articles within the Federal Act are listed below: 1. Article 2: the Federal Act additionally applies to established branches of foreign banks i...
The Banking Law of 1934 has been amendedwith alternative statutes to expand and reduce the powers set forth in its original framing with: 1. 1st Amendment (March 11, 1971): Financial companies that are now subject to the Act must register with the Swiss Federal Banking Commissionwithin three months of its effective date. 2. 2nd Amendment (March 18,...
In addition to the Banking Law of 1934, Switzerland maintains a variety of statues in the Swiss Civil Codeon banking secrecy that work in conjunction to Article 47: 1. SCC § Article 27: gives a customer a cause of action against a bank for damages for violation of secrecy and disclosure of private information. 2. SCC § Article 27(a): prohibits fina...
The Federal Constitution of the Swiss Confederationalso guarantees certain rights related to banking secrecy: 1. Article 13 § (b): Every person has the right to respect for his or her private and family life, home, and secrecy of mailand telecommunication. 2. Article 13 § (c): Every person has the right to be protected against abuse of personal dat...
The Banking Act of 1934, and more generally the banking industry it covers, has been revised multiple times in response to domestic demand and international pressure. Measures to expand or otherwise improve banking secrecy in Switzerland is often met with high levels of public support, usually passing through legislative bodies and commissions with...
In 1912, the Bank of Winterthur merged with Toggenburger Bank to form the Union Bank of Switzerland (UBS) [22] and grew rapidly after the Banking Law of 1934 codified Swiss banking secrecy. Following decades of market competition between Union Bank of Switzerland and the Swiss Bank Corporation (SBC), the two merged in 1998 to create ...
The Financial Secrecy Index (FSI) is the report published by the advocacy organization Tax Justice Network (TJN) which ranks countries by financial secrecy indicators, weighted by the economic flows of each country.
The Union Bank of Switzerland opened in 1862, the Swiss Bank Corporation in 1872. By the time of World War I, Switzerland's promises of secrecy and security attracted funding from wealthy parties worried about the impact of war and revolution.
The first major tax evasion controversy the bank was involved in occurred in 2007. Bradley Birkenfeld, an American banker stationed at UBS Switzerland AG, broke Swiss banking secrecy laws to disclose client information to the U.S. Department of Justice
