User:Nonesmoker

Swiss Private Bank Accounts are known for their complete privacy and protection against any and all entities. The Banking Law of 1934 was passed by the Swiss Parliament; this law codified the rules of secrecy and imposed strict regulations on secrecy violations. The Swiss Federal Banking Commission, an independent agency of the Swiss government within the Federal Department of Finance, regulates all private Swiss Bank Accounts.

Swiss Laws and Regulations of Banking

On November 8, 1934, the Swiss Banker’s obligation of client confidentiality came into effect. It can be found in Article 47 of the Federal Law of Banks and Savings Banks. The article states “anyone acting in his/her capacity as a member of a banking body, as a bank employee, agent, liquidator or auditor, as an observer of the Swiss Federal Banking Commission, or as a member of a body or an employee belonging to an accredited auditing institution, is not permitted to divulge information entrusted to him/her or of which he/she has been apprised because of his/her position.”

In the United States, the Internal Revenue Service, law enforcement agencies, the judicial system and private citizens have the capabilities to gain access to financial information to any/all entities. In Switzerland, all entity information is strictly confidential. Bank officers and its employees are not allowed to reveal any account or account holder information to anyone, including the Swiss government.

Switzerland is required, however, to assist the authorities of foreign states in criminal matters as a result of the 1993 federal law relating to International Mutual Assistance in Criminal Matters. All possessions can be frozen and handed over to the foreign authorities concerned.

History of Swiss Banking

Swiss bankers have followed the code of secrecy for over 300 years. It began with the kings of France who required strict secrecy as they had high financial needs, as well as the ability to continuously pay back their loans. At that time, bank secrecy was regulated solely by civil law. This enabled clients to lodge complaints for damages against any bank that did not maintain confidentiality, however, it did not allow for imprisonment for the banker who divulged information.

Overtime, provisions of the Swiss civil code and labor code provided the legal framework that supported bank secrecy; thus the creation of Switzerland’s Banking Act of 1934.

Today, there are three institutions administrating all of the Swiss funds; The Federal Banking Commission, the Swiss National Bank, and the Swiss Bankers Association. The Federal Banking Commission is the official Swiss banking authority, which handles the supervision of all Swiss banks. The Swiss National Bank is the central bank of Switzerland. The Swiss Bankers Association is the official association of Swiss banks.

Advantages of Swiss Bank Accounts

There are many advantages to a Swiss Bank Accounts. All communication is strongly encrypted and all account information is kept completely confidential. The only exceptions to the Swiss banking privacy rule are criminal activities. The relationship with an individual and his/her Swiss bank account can be compared to the doctor/patient confidentiality clause. Swiss law forbids bankers to disclose the existence of an account without the account holder’s permission.

Additionally, these facts support the stability of this economically advance and prosperous nation.

Switzerland has political stability and has not been at war with another country since 1505.

Swiss banks are extremely safe.

The Swiss franc is one of the most stable currencies in the world and is backed by gold.

If you are not a criminal, it is almost impossible for any one person or entity to gain any information regarding your Swiss bank account.

Swiss private banks provide wealth management and asset protection servoces - Swiss private banks are famous for their numbered bank accounts.