The secret history of Swiss bank accounts3 min read 29 Oct 2014, 04:57 PM IST
Any account holder or client could seek damages against any bank or bankers that did not maintain his/her confidentiality
The fascinating history of bank secrecy and financial discretion in Switzerland dates back to just over three hundred years to 1713. The Grand Council of Geneva, a Cantonal Council in Switzerland, adopted a code of secrecy which prohibited banks from divulging information with anyone except the account holder, or the client. For any such information sharing, the code said, the City Council must agree with the need to do so. It was believed that these codes and regulations were facilitating tax avoidance, and indeed, tax evasion.
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