Swiss banking has long standing history of secrecy.Since 1934 it is a criminal
offence to disclose the identities of the clients.This included sharing information
with third parties such as tax agencies & foreign governments. Swiss banks are
said to hold 27% of the world's offshore wealth holdings.
With the greater exchange of information & increased transparency,the days of
the banking secrecy of the past appear to be numbered.It is reported number of
Swiss banks have been forced to close their doors and over a dozen foreign banks
have closed offices in Switzerland in the past two years.Thanks to US crackdown
on Swiss banks to expose US clients avoiding tax and the banks that are helping
Courtesy:Global Financial Integrity & Digital Journal.