How banking secrecy and discretion is changing
Dealing with confidential information is an intrinsic part of our profession. Discretion is our duty and your right. This confidentiality does not mean absolute anonymity, but is a strict guarantee that your personal information will be protected.
Much has changed since the 1934 Federal Law that introduced Swiss banking secrecy and penalised bankers who failed to observe it.
The most recent change was introduced on 6 May 2014, when Switzerland signed the OECD Declaration on Automatic Exchange of Information in Tax Matters. This declaration obliges countries to set up a single worldwide standard for the automatic exchange of information. The standard, developed by the OECD and ratified by the Ministers of Finance of the G20 nations, obliges the courts to obtain all the information required from their financial institutions and exchange it automatically with other jurisdictions on an annual basis. More than 60 countries and territories have committed to rapid adoption of the standard.