The Swiss Banking Act was enacted in 1934 and now, as then, contains articles such that any violation of bank-client privacy is a criminal offense. 2. Economic Freedom is Guaranteed
National Bank Act of 23 December 1953 2 3. Decree of the Federal Parliament of 26 June 1930 3 on the Participation of the Swiss National Bank in the Bank for International Settlements 4. Decree of the Federal Parliament of 28 November 1996 4 on the Renewal of the Swiss National Bank’s Note-Issuing Privilege. II. The enactments below are The Banking Ordinance applies to banks, private bankers and savings banks; it details the provisions of the Banking Act. FINMA Foreign Banks Ordinance The FINMA Foreign Banks Ordinance applies to foreign banks seeking to set up a branch in Switzerland. (Banking Ordinance, BO) dated 30 April 2014 (version as at 1. August 2017) The Swiss Federal Council, based on the Swiss Federal Act on Banks and Savings Banks of 8 November 19341 (BA), decrees: Chapter 1: General Provisions ARTICLE 1 Subject (Article 56 BA) This Ordinance shall govern: a. the requirements for obtaining a license to operate as In Switzerland, however, neither a bank's officers, nor employees are allowed to reveal any account or account holder information to anyone, including the Swiss government. The Swiss banker's requirement of client confidentiality is found in Article 47 of the Federal Law on Banks and Savings Banks, which came into effect on November 8, 1934.
Apr 26, 2020 · The Swiss Banking Law of 1934 made it criminal for Swiss banks to disclose the name of an account holder. Similar to the confidentiality protections between doctors and patients or lawyers and
Swiss Bank in Switzerland is like a Gynecologist (A doctor who treats the reproductive organs) who maintains your privacy. A Gynecologist will respect your privacy and won’t disclose your identity and exact problem to anyone. Jan 02, 2017 · Swiss banking secrecy nears end following new tax rules. Published Mon, Jan 2 2017 6:12 AM EST Updated Mon, Jan 2 2017 8:37 AM EST. David Reid @davyreid73.
Oct 20, 2016 · Switzerland, which is known for banking secrecy, is one of the countries that agreed to share information with the U.S. The legislation was designed to catch those hiding cash away from the IRS.
Switzerland's Banking Act of 1934 accomplished this goal. The law was enacted in large part because both Germany and France attempted to press Swiss banks into divulging depositor information in the name of the "good of the state."