Swiss Bank (Customer) Secrecy and the International Exchange of Information

Henri B. Meier (), John E. Marthinsen (), Pascal A. Gantenbein () and Samuel S. Weber ()
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John E. Marthinsen: Babson College
Pascal A. Gantenbein: University of Basel
Samuel S. Weber: SSW, Independent Wealth Manager

Chapter Chapter 4 in Swiss Finance, 2023, pp 159-250 from Springer

Abstract: Abstract Swiss banking secrecy dates back more than 300 years. In 1934, the Federal Act on Banks and Savings Banks made the unauthorized disclosure of confidential bank customer information a federal crime. Because bank secrecy could shield illegal financial activities, the Swiss government, Swiss banks, Swiss Bankers Association, and central bank have taken significant steps to halt tax evasion, insider trading, market and share price manipulation, money laundering, organized crime, financing terrorism, and corruption (bribery). In December 2015, the government implemented the Federal Act on the International Automatic Exchange of Information in Tax Matters (AEOIA) to assist foreign governments. Banking secrecy issues intersect with other important topics, such as whistleblower legislation and Swiss neutrality.

Keywords: AEOI; Money laundering; Tax evasion; Terrorist financing; Corruption; Price manipulation (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-23194-0_4

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DOI: 10.1007/978-3-031-23194-0_4

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