Banking in Switzerland

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Swiss banks are known for their banking secrecy and security. Pictured: the Mont Cervin Palace in Zermatt. A hub of tourism, many private banks service the city and maintain underground bunkers and storage facilities for gold at the foothills of the Swiss Alps.

Banking in Switzerland began in the early 18th century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Along with the Swiss Alps, chocolate, watchmaking and mountaineering, banking is seen as emblematic of Switzerland. Switzerland has a long, kindred history of banking secrecy and client confidentiality reaching back to the early 1700s. Started as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of the landmark statute, the Federal Act on Banks and Savings Banks.

Controversial protection of foreign accounts and assets during World War II sparked a series of proposed financial regulations seeking to temper bank secrecy to little success. Switzerland, considered the "grandfather of bank secrecy", has been one of the largest offshore financial centers and tax havens in the world since the mid-20th century. Despite an international push to meaningfully roll back banking secrecy laws in the country, Swiss social and political forces have minimized and reverted much of proposed roll backs. Disclosing client information has been considered a serious social and criminal offence since the early 1900s. Employees working in Switzerland and abroad at Swiss banks "have long adhered to an unwritten code similar to that observed by doctors or priests".[1] The Swiss Bankers Association (SBA) estimated in 2018 that Swiss banks held US$6.5 trillion in assets or 25% of all global cross-border assets. Switzerland's main lingual hubs, Geneva (for French), Lugano (for Italian), and Zürich (for German) service the different geographical markets. It consistently ranks in the top three states on the Financial Secrecy Index and was named first many times, most recently in 2018.

The three largest banks–UBS, Credit Suisse, Julius Bär–are all regulated by the Swiss Financial Market Supervisory Authority (FINMA), and the Swiss National Bank (NSB) which derives its authority from a series of federal statutes. Banking in Switzerland has historically played, and still continues to play, a dominant role in the Swiss economy and society. According to the Organization for Economic Co-operation and Development (OECD), total banking assets amount to 467% of total gross domestic product.[2] Banking in Switzerland has been portrayed, to varying degrees of accuracy, in overall popular culture, books, movies, and television shows.

History[edit]

During the 18th century, Swiss mercenaries brought home funds from their contracts that helped Swiss banks begin.[3] Banking began in the eighteenth century by way of the riches of merchants. Wegelin & Co., established in 1741, was the oldest bank in Switzerland[4] until it restructured into a new legal entity in 2013.[5] Hy Hentsch & Co. bank[6] and Lombard Odier, were both founded in 1796 in Geneva as private banks, and The Pictet Group[7] was established in 1805 as a merchant bank.[8] Hentsch & Cie was a founding member of the Swiss National bank during 1852.[9]

Swiss economy[edit]

Switzerland is a prosperous nation with a per capita gross domestic product higher than that of most Western European nations. In addition, the value of the Swiss franc (CHF) has been relatively stable compared with that of other currencies.[10] Swiss neutrality and national sovereignty, long recognized by foreign nations, have fostered a stable environment in which the banking sector was able to develop and thrive. Switzerland has maintained neutrality through both World Wars, is not a member of the European Union, and was not a member of the United Nations until 2002.[11][12] The Bank of International Settlements, an organization that facilitates cooperation among the world's central banks, is headquartered in the city of Basel. Founded in 1930, the BIS chose to locate in Switzerland because of the country's neutrality, which was important to an organization founded by countries that had been on both sides of World War I.[13]

Banking in Switzerland has historically played, and still continues to play, a dominant role in the Swiss economy.[2] According to the Organization for Economic Co-operation and Development (OECD), total banking assets amount to 467% of total gross domestic product.[2]

Regulation[edit]

The Swiss Financial Market Supervisory Authority (FINMA) is a public law institution that supervises most banking-related activities as well as securities markets and investment funds.[14] Regulatory authority is derived from the Swiss Financial Market Supervision Act (FINMASA) and Article 98 of the Swiss Federal Constitution. The office of the Swiss Banking Ombudsman, founded in 1993, is sponsored by the Swiss Banking Ombudsman Foundation, which was established by the Swiss Bankers Association. The ombudsman's services, which are offered free of charge, include mediation and assistance to persons searching for dormant assets. The ombudsman handles about 1,500 complaints raised against banks yearly.[15]

Banking secrecy[edit]

History[edit]

Swiss banking secrecy was born in Geneva during the 1700s.

The first renditions of banking secrecy in the Swiss region reaches back to the early 1700s.[16] The Great Council of Geneva outlawed the disclosure information relating to the European upper class, mostly of French origin, in 1713.[16] As a way of avoiding the Protestant banking system, Catholic French Kings deposited their holdings in Geneva accounts.[16] During the 1780s, Swiss bank accounts began insuring deposits which contributed to a wide spread reputation for financial security.[16] In 1815, the Congress of Vienna formally established Switzerland's international neutrality which led to a large capital influx.[16] The wealthy of Switzerland, landlocked, saw banking secrecy as a way to build an empire similar to that of France, Spain, and the United Kingdom.[16] Swiss historian Sébastian Guex notes in The Origins of Secret Swiss Bank Accounts:

This is what the Swiss bourgeoisie are thinking: 'That’s our future. We will play on the contradictions between the European powers and, protected by the shield of our neutrality, our arm will be industry and finance.’[17]

After a small scale civil war in the 1840s between the Swiss cantons, the Swiss Federation was founded in 1848.[16] The formation of the state, through a direct democracy, contributed to the political stability needed for banking secrecy.[16] The mountainous terrain of Switzerland also provided a natural environment to store gold and diamonds underground and in mountains.[16] During the 1910s, Swiss bankers traveled to France to advertise its banking secrecy during World War I.[16] The war's contribution to political and economic instability, sparked a rapid capital movement into Switzerland.[16] As European countries began to increase taxes to finance the war, wealthy clients moved their holdings into Swiss accounts to avoid taxation.[16] The French banked in Geneva, the Italians in Lugano, and the Germans in Zurich.[16] While disclosing client information was a civil offence in Switzerland for centuries, the Swiss Federal Assembly made it a federal criminal offence in 1934 with the passage of the landmark legislation, the Federal Act on Banks and Savings Banks.[16] Colloquially known as the "Banking Law of 1934" or the "Swiss Banking Law of 1934", it codified banking secrecy in the eyes of Swiss law.[18] The Federal Assembly enacted the law to quell controversy over the alleged tax evasion of wealthy French businessmen, military generals, and Catholic bishops.[19] An additional provision of the law, Article 47(b), was drafted before its ratification to protect Jewish assets against Nazi forces during World War II.[18][20]

Switzerland's mountainous terrain helps to store gold in underground bunkers.

Along with protecting German Jewish assets, Swiss banks collaborated with Nazi Germany and their allies by storing their gold and cash balances in underground vaults.[18] It is estimated that Adolf Hitler maintained an account at the Union Bank of Switzerland (UBS) worth 1.1 billion Reichsmarks.[18][21] After the United States formally asked the bank to transfer the money in the 1990s, UBS wired US$400 to 700 million worth of Reichsmarks to U.S. authorities.[18] Banking regulations in Switzerland places a limit on the amount of orphaned assets allowed to leave a bank's custody.[18] UBS, with consent from the Swiss government, placed the remainder of Hitler's assets underground, indefinitely froze the account, and clipped the Reichsmarks, stripping the currency of value.[21] During World War II, UBS also maintained accounts for hundreds of German Jewish businesspeople and households.[20] After the Banking Law of 1934 was passed, the bank aggressively protected assets of the "enemies of Nazi Germany".[20] When Hitler announced his invasion of Switzerland in 1940, UBS contracted the Swiss Armed Forces to blockade their retail banks and transport Jewish assets to underground military bunkers.[22] Other Swiss banks, namely the Swiss Bank Corporation (SBC) and Credit Suisse, did likewise and along with UBS, were fined hundreds of millions of dollars in reparations for their dealings with Nazi Germany.[18] All throughout the 1980s and 1990s, numerous international proposals for bank secrecy rollbacks were proposed by foreign states to little success.[18]

After the 2008 financial crisis, Switzerland signed the European Union Savings Tax Directive (EUSTD) which obliges Swiss banks to report to 43 European countries annual tax statistics.[24] In 2008, after an international, multi-state investigation into Switzerland's role in U.S. tax evasion, the Swiss government entered into a limited, Deferred Prosecution Agreement (DPA) with the U.S. Department of Justice.[25] The agreement saw to the controversial Birkenfeld Disclosure, a release of information on more than 4,000 clients, a landmark disclosure.[25] In 2013, Switzerland entered into another limited agreement with the United States allowing select banks to pay penalties instead of face international prosecution.[25] The 14 largest banks in Switzerland, however, were exempt from the agreement rendering it relatively inconsequential.[25] In another step toward loosening banking secrecy, Switzerland signed the U.S. Foreign Account Tax Compliance Act (FATCA), which requires Swiss banks to disclose non-identifying U.S. client information to the Internal Revenue Service, annually.[25] These agreements, however, are limiting and applicable to only U.S. tax payers.[25]

Switzerland is set to implement the Organization for Economic Co-operation and Development (OECD)'s Common Reporting Standard (CRS) in late 2018.[24] This agreement only applies to developed countries and does not limit banking secrecy but rather limits the legal action that can be taken if or when Swiss bank secrecy leads to a financial crime.[24] Wealthy politicians, businessmen, and public figures, among others, from developing countries are not subject to the same limitations.[24] Clients from "Mexico, Brazil, Turkey, Russia, Israel, and Saudi Arabia" are afforded increased banking secrecy.[24]

Modern secrecy[edit]

Switzerland, considered the "grandfather of bank secrecy", has been one of the largest offshore financial centers and tax havens in the world since the mid-20th century.[27] Despite an international push to meaningfully roll back banking secrecy laws in the country, Swiss social and political forces have minimized and reverted much of the proposed roll backs.[27] Disclosing client information has been considered a serious social and criminal offense since the early 1900s.[27] Whistleblowers, despite legal protections, have been treated with hostility both from the public and often face professional set backs in Switzerland.[27] In spite of minor adjustments to bank secrecy, bankers working in Switzerland and abroad at Swiss banks "have long adhered to an unwritten code similar to that observed by doctors or priests".[1] Switzerland's main lingual hubs, Geneva (for French), Lugano (for Italian), and Zürich (for German) service the different geographical markets.[27] It consistently ranks in the top three states on the Financial Secrecy Index and was named first many times, most recently in 2018.[27] The Swiss Bankers Association estimated in 2018 that Swiss banks held US$6.5 trillion in assets or 25% of all global cross-border assets.[27]

Bank vaults and bunkers[edit]

A handful of larger Swiss banks operate undisclosed or otherwise secretive bank vaults, storage facilities or underground bunkers for gold bars, diamonds, or other valuable physical assets.[28][29] Most of these underground bunkers are located near or at the foothills of the mountainous regions of the Swiss Alps.[30] These facilitates are not subject to the same banking regulations as banks in Switzerland and do not have to report holdings to regulatory agencies.[30][31] The Swiss defense department estimates that of the ten former military bunkers available for sale, six of them were sold to Swiss banks to house assets during the 1980s and 1990s.[32][33] Storage in these underground bunkers and bank vaults is typically reserved for clients that pass a multi-stage security clearance.[30] Some of these bunkers are not accessible by road or foot and require aircraft transportation.[34]

Numbered bank accounts[edit]

Many banks in Switzerland offer clients numbered bank accounts, accounts where the identity of the holder is replaced with a multi-digit number known only to the client and select private bankers.[35][36] Although these accounts do add another layer of banking secrecy, they are not completely anonymous as the the name of the client is still recorded by the bank and subject to limited, warranted disclosure.[35] Some Swiss banks replace the number with a code name such as "Mister X" or "Madam Z" that identifies the client, alternatively.[37] However, to open this type of account in Switzerland, clients must pass a multi-stage clearance procedure and prove to the bank the lawful organs of their assets.[38]

Taxation evasion[edit]

Citizens of Switzerland retain the country's strictest, most expansive, and unalienable banking secrecy protections as it pertains to taxation.

For the citizens of Switzerland, Swiss law distinguishes between tax evasion (non-reporting of income) and tax fraud (active deception).[39] International legal assistance is used only with respect to tax fraud.[39] Although not considered a crime and hence not prosecuted in a penal court, tax evasion is a serious offence under Swiss tax law and hefty financial penalties apply.[39] In domestic prosecutions, banking secrecy may be lifted by court order in cases of tax fraud or particularly severe cases of tax evasion.[40] Under pressure from the OECD and the G20, the Swiss government decided in March 2009 to abolish the distinction between tax evasion and tax fraud in dealings with foreign clients.[39]

European Union[edit]

Pressure on Switzerland has been applied by several states and international organizations attempting to alter the Swiss privacy policy.[40] The European Union, whose member countries geographically surround Switzerland, has complained about member states' nationals using Swiss banks to avoid taxation in their home countries.[40] The EU has long sought a harmonized tax regime among its member states, although many Swiss banking officials ( and the public) are resisting any such changes.[41]

However, Switzerland did not want to be seen as an obstacle to closer tax cooperation among EU-member states and decided to support the international efforts to adequately tax cross-border investment income.[42] The retention tax agreed with the European Union (EU) in the taxation of savings income agreement is a suitable and efficient means of doing so.[42] The EU is committed to eliminating existing loopholes in the system of taxation of savings income.[42] Switzerland has expressed to the EU its willingness in principle to correspondingly adjust the taxation of savings income.[42] Switzerland adopted the OECD standard on administrative assistance but the Federal Council rejected the automatic exchange of information.[42] Since July 1, 2005, Switzerland has charged a withholding tax on all interest earned in the personal Swiss accounts of European Union residents.[42]

Switzerland is not a member of the European Union but is a part of the Schengen Agreement.[43]

United States[edit]

In January 2003, the United States Department of Treasury announced a new information-sharing agreement under the already extant U.S.-Swiss Income Tax Convention;[44] the agreement was intended to facilitate more effective tax information exchange between the two countries.[45] However, Swiss policy has continued to come under international criticism, and in March 2009 Switzerland agreed to renegotiate more effective tax cooperation with the United States and other countries.[46] In 2013, the Swiss Parliament approved a law that allows Swiss banks to cooperate, in a limited fashion, with U.S. tax authorities exclusively as specified in the Foreign Account Tax Compliance Act.[47]

Major banks[edit]

The largest bank in Switzerland: UBS
The second largest bank in Switzerland: Credit Suisse

As of 2018, there are more than 400 securities dealers and banking instituons in Switzerland, ranging from the "Two Big Banks" down to small banks serving the needs of a single community or a few special clients.[48] The largest and second largest Swiss banks are UBS Group AG and Credit Suisse Group AG, respectively. They account for over 50% of all deposits in Switzerland; each has extensive branch networks throughout the country and most international centers. Due to their size and complexity, UBS and Credit Suisse are subject to an extra degree of supervision from the Federal Banking Commission.[49]

UBS[edit]

UBS Group AG came into existence in June 1998, when Union Bank of Switzerland, founded in 1862, and Swiss Bank Corporation, founded in 1872, merged.[50] Headquartered in Zurich and Basel, it is Switzerland's largest bank.[50] It maintains seven main offices around the world (four in the United States and one each in London, Tokyo, and Hong Kong) and branches on five continents.[50]

Credit Suisse[edit]

Credit Suisse Group is the second-largest Swiss bank.[51] Based in Zurich and founded in 1856, Credit Suisse offers private banking, investment banking and asset management services.[51] It acquired the First Boston Corporation in 1988 and merged with the Winterthur insurance company in 1997; the latter was sold to AXA in 2006.[52] The asset management services were sold to Aberdeen Asset Management during the 2008 financial crisis.[51]

Other banks[edit]

Central Bank[edit]

The central bank of Switzerland, the Swiss National Bank (SNB) is headquartered in Bern.

The Swiss National Bank (SNB) serves as the country's central bank. Founded by the Federal Act on the Swiss National Bank (16 January 1906), it began conducting business on 20 June 1907. Its shares are publicly traded, and are held by the cantons, cantonal banks, and individual investors; the federal government does not hold any shares.[53] Although a central bank often has regulatory authority over the country's banking system, the SNB does not; regulation is solely the role of the Federal Banking Commission.[54]

Raiffeisen Banks "assumes the role of central bank" in providing treasury services, and is the third largest group consisting of 328 banks in 2011, 390 in 2012 with 1,155 branches.[55][56] During February 2012, P. Vincenz was chief executive.[57] During January, an announcement was made that the non-U.S. businesses of Wegelin & Co, the oldest Swiss bank, would be bought by the Raiffeisen group. The group has 3 million plus clients within Switzerland.[58][59]

Private banks[edit]

The term private bank refers to a bank that offers private banking services and in its legal form is a partnership.[60] The first private banks were created in St. Gallen in the mid-18th century and in Geneva in the late 18th century as partnerships, and some are still in the hands of the original families such as Hottinger and Mirabaud.[60] In Switzerland, such private banks are called private bankers (a protected term) to distinguish them from the other private banks which are typically shared corporations.[60] Historically in Switzerland a minimum of CHF1 million was required to open an account, however, over the last years many private banks have lowered their entry hurdles to CHF250,000 for private investors.[60]

Cantonal banks[edit]

There are, as of 2006, 24 cantonal banks; these banks are state-guaranteed semi-governmental organizations controlled by one of Switzerland's 26 cantons that engage in all banking businesses.[61] The largest cantonal bank, the Zurich Cantonal Bank, had a 2005 net income of CHF810 million.[62]

In popular culture[edit]

Banking in Switzerland, in particular Swiss banking secrecy practices, has been detailed in global popular culture to varying degrees of accuracy. According to official statements from the Swiss National Film Archives, inaccurate or exaggerated portrayals negatively impact Switzerland by reducing bankers to unflattering "caricatures" that are "ever disposed to accept funds from questionable sources".[63] In 2014, Sindy Schmiegel, a spokeswoman for the Swiss Bankers Association (SBA) stressed that financial regulation in Switzerland is dramatically more strict than portrayed fictionally.[63] The Economic Times noted that popular culture portrays Swiss bank accounts as "completely anonymous" later adding "this is simply not true."[64]

Swiss banking was prominently featured in the following films and television shows:

  • The Great Spy Chase (1964): Francis Lagneau (Lino Ventura) engages with a Swiss banker to open a bank account containing patents to powerful weapons.[65] This film is considered the first motion picture to reference banking in Switzerland.[65]

Swiss banking has been mentioned by James Bond in film and in literature dozens of times, it plays a central role in:

See also[edit]

References[edit]

  1. ^ a b Thomasson, Emma (April 18, 2013). "Special Report: The battle for the Swiss soul". Reuters. Retrieved May 19, 2018. 
  2. ^ a b c Financial Secrecy Index: Narrative Report on Switzerland (2018), p. 2
  3. ^ McPhee, John (1983-10-31). "La Place de la Concorde Suisse-I". The New Yorker. p. 50. Retrieved 22 July 2013. 
  4. ^ Bob Van Voris. "Wegelin & Co. Must Forfeit $16 Million, U.S. Judge Rules". Bloomberg.com. 
  5. ^ Neate, Ruper (4 January 2013), "Oldest Swiss bank Wegelin to close after admitting aiding US tax evasion", The Guardian 
  6. ^ Denise H. Kenyon-Rouvinez, Gordon Adler, Guido Corbetta, Gianfilippo Cuneo (2011) - Sharing Wisdom, Building Values: Letters from Family Business Owners to Their Successors p. xvi Palgrave Macmillan, 11 January 2011 ISBN 1137510374 Accessed January 12th, 2018
  7. ^ "Wealth and Asset Manager - Private Banking - Swiss Private Bank - Pictet". pictet.com. 
  8. ^ Pohl, Manfred (1994). European Association for Banking History - Handbook on the History of European Banks. Youssef Cassis - Banks and Banking in Switzerland in the nineteenth and twentieth centuries. Edward Elgar Publishing. ISBN 1852789190. Retrieved 2012-07-11. 
  9. ^ Kenyon-Rouvinez, D. (2002). Sharing Wisdom, Building Values: Letters from Family Business Owners to Their Successors. Family Enterprise Publisher. ISBN 1891652087. Retrieved 2012-07-11. 
  10. ^ "The World Factbook – Switzerland – Economy". Central Intelligence Agency. Archived from the original on 5 July 2006. Retrieved 2006-06-16. 
  11. ^ "The World Factbook – Switzerland – Introduction". Central Intelligence Agency. 2006-06-13. Archived from the original on 29 May 2010. Retrieved 2010-06-02. 
  12. ^ "Country profile: Switzerland". BBC News. 2006-03-26. Archived from the original on 14 July 2006. Retrieved 2006-06-17. 
  13. ^ "Origins: Why Basel?". Bank of International Settlements. Archived from the original on 15 June 2006. Retrieved 2006-06-16. 
  14. ^ "About FINMA". Swiss Financial Market Supervisory Authority. Retrieved 2009-09-04. 
  15. ^ "Swiss Banking Ombudsman". Swiss Banking Ombudsman. Archived from the original on 20 July 2006. Retrieved 2006-06-17. 
  16. ^ a b c d e f g h i j k l m n Financial Secrecy Index: Narrative Report on Switzerland (2018), p. 2
  17. ^ Guex, Sébastian (March 3, 2015). "The Origins of Secret Swiss Bank Accounts | JSTOR Daily". JSTOR Daily. Retrieved May 18, 2018. 
  18. ^ a b c d e f g h Financial Secrecy Index: Narrative Report on Switzerland (2018), p. 3
  19. ^ Komisar, Lucy (Spring 2003). "Offshore banking, the secret threat to America". Dissent Magazine. Archived from the original on July 23, 2012. 
  20. ^ a b c Mueller, Kurt (1969). "The Swiss Banking Secret: From a Legal View". The International and Comparative Law Quarterly. 18 (2): 361–362. doi:10.1093/iclqaj/18.2.360. JSTOR 757529. 
  21. ^ a b Boggan, Steve (September 5, 1996). "Discovered: Hitler's secret Swiss bank account". The Independent. Retrieved May 18, 2018. Declassified intelligence documents at the US National Archives show that one of Hitler's closest confidantes opened the accounts at the Union Bank of Switzerland in Bern after the Fuhrer's book became required reading in German schools. 
  22. ^ Schütz, Dirk (2000). The Fall of UBS: The Forces that Brought Down Switzerland's Biggest Bank. Pyramid Media Group. ISBN 9780944188200. 
  23. ^ Kroft, Steve (August 15, 2010). "Banking: A Crack In the Swiss Vault". 1 (published May 13, 2018) – via CBS. 
  24. ^ a b c d e Financial Secrecy Index: Narrative Report on Switzerland (2018), p. 5
  25. ^ a b c d e f Financial Secrecy Index: Narrative Report on Switzerland (2018), p. 4
  26. ^ "Swiss president sees no need to change banking secrecy". Indian Express. 2013-04-14. Retrieved 2013-04-14. 
  27. ^ a b c d e f g Financial Secrecy Index: Narrative Report on Switzerland (2018), p. 1
  28. ^ Schütz, Dirk (2000). The Fall of UBS: The Forces that Brought Down Switzerland's Biggest Bank. Pyramid Media Group. ISBN 9780944188200. 
  29. ^ Kroft, Steve (December 30, 2009). "Banking: A Crack In The Swiss Vault". CBC News: 60 Minutes. Retrieved May 16, 2018. The subterranean vaults of Geneva and Zurich have served as sanctuaries for the wealth of dictators and despots, mobsters and arms dealers, corrupt officials and tax cheats of all kinds. 
  30. ^ a b c Baker, Stephanie (September 30, 2016). "Secret Alpine Gold Vaults Are the New Swiss Bank Accounts". Bloomberg.com. Retrieved May 18, 2018. 
  31. ^ "The Sinister Face Of 'Neutrality' | Frontline | PBS". www.pbs.org. 1996. Retrieved May 17, 2018. Before the Second World War, with the rise of Nazism, many Jews in Central and East Europe sought to protect a part of their assets by depositing money in Swiss accounts, and their valuables in Swiss safe deposit boxes. To encourage such transfers, in 1934 the Swiss even strengthened special banking secrecy laws which facilitated preservation of the anonymity of depositors. 
  32. ^ Schütz, Dirk (2000). The Fall of UBS: The Forces that Brought Down Switzerland's Biggest Bank. Pyramid Media Group. ISBN 9780944188200. 
  33. ^ Bloomberg, News (August 17, 2013). "Got gold? Switzerland has an underground bunker just for you". The Mercury News. Retrieved May 14, 2018. 
  34. ^ Schütz, Dirk (2000). The Fall of UBS: The Forces that Brought Down Switzerland's Biggest Bank. Pyramid Media Group. ISBN 9780944188200. 
  35. ^ a b "Fancy yourself a numbered Swiss Bank account? Here's how you can get one". The Economic Times. October 30, 2013. Retrieved May 18, 2018. 
  36. ^ Obringer, Lee Ann (June 8, 2011). "How Swiss Bank Accounts Work". HowStuffWorks. Retrieved May 18, 2018. 
  37. ^ "Numbered Bank Accounts - Series 10 | Investopedia". Investopedia. November 12, 2014. Retrieved May 18, 2018. A broker dealer, at the request of the customer, may open an account that is simply identified by a number or a symbol, as long as there is a statement signed by the customer attesting to the ownership of the account. 
  38. ^ Koba, Mark (August 20, 2008). "How To Open A Swiss Bank Account". CNBC. Retrieved May 12, 2018. 
  39. ^ a b c d "Switzerland to adopt OECD standard on administrative assistance in fiscal matters". Federal Department of Finance. Retrieved May 18, 2018. 
  40. ^ a b c Locher, Peter; Blumenstein, Ernst (2002). System des schweizerischen Steuerrechts (in German) (6th. ed.). Zürich: Schulthess. p. 476. ISBN 3-7255-4342-9. 
  41. ^ a b Gumbel, Peter (2002-09-08). "Silence Is Golden". Time Magazine. Retrieved 2006-06-16. 
  42. ^ a b c d e f "Swiss Taxation of Saving Income". Federal Department of Finance. Retrieved May 18, 2018. 
  43. ^ "Switzerland To Open Bank Secrets to Russia". Pravda.ru. 2009-10-02. Retrieved 2009-09-21. 
  44. ^ "Treasury Announces Mutual Agreement with Switzerland Regarding Tax Information Exchange". U.S. Dept. of Treasury (KD-3795). 2003-01-24. Archived from the original on 11 June 2008. Retrieved 2008-06-20. 
  45. ^ "U.S., Switzerland Agree to Facilitate Exchange of Tax Information". The United States Mission to the European Union. 2003-01-24. Archived from the original on July 17, 2006. Retrieved 2006-06-18. 
  46. ^ https://www.washingtonpost.com/wp-dyn/content/article/2009/03/25/AR2009032501661.html
  47. ^ Chantal Britt (9 September 2013). "Swiss parliament clears US FATCA deal". swissinfo.ch. Retrieved 2013-10-21. 
  48. ^ "Figures on Switzerland as a location for financial services". Federal Department of Finance. 2009-12-31. Retrieved 2010-05-20. 
  49. ^ "Supervision of large banking groups". Swiss Federal Banking Commission. Retrieved 2006-06-17. 
  50. ^ a b c "History of UBS". Global topics. Retrieved May 18, 2018. 
  51. ^ a b c "History of Credit Suisse". Credit Suisse. Retrieved May 18, 2018. 
  52. ^ "Company Profile" (PDF). Credit Suisse. Archived (PDF) from the original on 15 June 2006. Retrieved 2006-06-17. 
  53. ^ "The National Bank as a joint-stock company". Swiss National Bank. Archived from the original on August 8, 2002. Retrieved 2006-06-16. 
  54. ^ "Players". Swiss Bankers Association. Retrieved 2006-06-17. 
  55. ^ http://www.swissbanking.org/en/bankengruppen.htm
  56. ^ "unico.nl - unico Resources and Information". www.unico.nl. Retrieved 3 April 2018. 
  57. ^ "Raiffeisen bank breaks ranks over tax dispute". SWI Swissinfo.ch. 
  58. ^ "US tax scandal brings down Wegelin". SWI Swissinfo.ch. 
  59. ^ https://www.wsj.com/article/BT-CO-20120127-706462.html
  60. ^ a b c d Noonan, Laura (December 10, 2017). "The decline of the Swiss private bank". Financial Times. Retrieved May 18, 2018. 
  61. ^ "Bank groups". Swiss Bankers Association. Archived from the original on 17 June 2006. Retrieved 2006-06-17. 
  62. ^ "ZKB Company Profile 2005" (PDF). Zürich Cantonal Bank. Retrieved 2006-06-17. 
  63. ^ a b c d e f Dupraz-Dobias, Paula (January 21, 2014). "Hollywood sticks with Swiss banker 'caricature'". SWI swissinfo.ch. Retrieved May 16, 2018. 
  64. ^ "Fancy yourself a numbered Swiss Bank account? Here's how you can get one". The Economic Times. October 30, 2014. Retrieved May 18, 2018. 
  65. ^ a b c d e f Haver, Gianni; Middleton, Robert (May 18, 2018). Swissness in a Nutshell. Schwabe AG. ISBN 9783905252644. 
  66. ^ Carvajal, Doreen (July 8, 2014). "Swiss Banks' Tradition of Secrecy Clashes With Quests Abroad for Disclosure". The New York Times. ISSN 0362-4331. Retrieved May 15, 2018. 
  67. ^ Stephens, Thomas. "James Bond: half-Swiss, totally profitable". SWI swissinfo.ch. Retrieved May 18, 2018. 
  68. ^ "Mr Lachaise's Swiss Bank | James Bond Locations". www.jamesbondmm.co.uk. Retrieved May 18, 2018. 
  69. ^ a b Emmenegger, Patrick (March 12, 2014). "The Politics of Financial Intransparency: The Case of Swiss Banking Secrecy". Swiss Political Science Review. 20 (1): 146–164. doi:10.1111/spsr.12092. ISSN 1424-7755. 
  70. ^ Broom, Giles (August 12, 2016). "Swiss Bank Secrets". Bloomberg.com. Retrieved May 16, 2018. 
  71. ^ Brown, Dan (November 18, 2003). The Da Vinci Code: Featuring Robert Langdon. Knopf Doubleday Publishing Group. p. 181. ISBN 9780385504218. 
  72. ^ Kinsman, Robert. "Swiss Bank Account". Retrieved May 18, 2018. In fact, mystery writers have utilized the Swiss Bank as the central focus of intrigue. Where else would one think to store the secrets of the holy grail but in a Swiss bank account, as was the case in the novel the "Da Vinci Code". But events in recent years have chipped away at this polished veneer to reveal some rather unseemly criminal behavior. 
  73. ^ a b Obringer, Lee Ann (June 8, 2011). "How Swiss Bank Accounts Work". HowStuffWorks. Retrieved May 18, 2018. 

Bibliography[edit]

External links[edit]