Sep 23, 2010
Swiss Banking Privacy, Security, Tax Savings and Best Tips Swiss Banking privacy and secrecy has been in force since as far back as banks can trace their origins, and officially codified as part of Swiss laws, with severe criminal penalties for any violations, since the Swiss Banking Law of 1934. This law was enacted as a direct result of French Socialist-fervor pressure, and German Nazi attempts at Chipping away at Swiss bank secrecy - CNNMoney Jul 05, 2013 Swiss Banking Secrecy Rule Dealt Setback in Month to Oct 19, 2018 How Swiss Bank Accounts Work - The Balance
While Switzerland banking secrecy tradition continues at the heart of Swiss banking, due diligence procedures are required to be implemented and enforced by Switzerland banks in compliance with new laws against unlawful financial activities and promotion of banking transparency.
The Biggest Story in Banking, Thanks to IRS
Second, banking secrecy also means that, in principle, Cantonal authorities (and only those) cannot obtain information about persons subject to income tax from the bank. Under Swiss law, breaching bank secrecy is a criminal offence. However, there are certain situations when banking secrecy is lifted.
The Swiss banking secrecy has become relative. There is no secrecy anymore for tax evasion. The Swiss bank account information will be disclosed automatically with the country of residence of the client. Beside tax relevant information, the Swiss banking secrecy laws are still applicable. Bank Secrecy Laws - Laux Lawyers AG For information on global bank secrecy laws, see Practice Note, Global Bank Secrecy Laws: Overview and Global Bank Secrecy Toolkit (W-002-8052). CUSTOMER DATA DISCLOSURE LAWS Article 47 of the Swiss Federal Act on Banks and Savings Banks (in Swiss) (Banking Act) is the primary law governing bank secrecy in Switzerland. The Origins of the Swiss Banking Secrecy Law and Its