From thrillers to spy novels, Swiss bankers are depicted as discreet men who know which questions not to ask.
Switzerland dismisses such stereotypes but its reputation as one of the premier tax havens has not come from nowhere. The country has nurtured, codified and even advertised the discretion of its bankers for centuries.
Over the past decade, however, things have started to change. When Switzerland began requiring its banks to share client data with some foreign authorities under a global exchange system to combat tax evasion in 2018, it was heralded as a watershed moment. Some called it the end of Swiss banking secrecy.
Our reporting suggests that conclusion was overblown. Swiss banks do share tax data with countries but developing nations are excluded. Meanwhile Switzerland’s famed banking secrecy law – article 47 of the 1934 Federal Law on Banks – remains in force. Those who fall foul of it risk five years in jail.
This story is from the February 25, 2022 edition of The Guardian Weekly.
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This story is from the February 25, 2022 edition of The Guardian Weekly.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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