Should swiss banking laws be overhauled?
I love Zurich. It’s one of my favourite European cities. But there’s an odious stench that lingers around the banking quarters of Zrich and Geneva, and it isn’t the Swiss cheese. Pecunia non olet – money has no smell – goes the Latin saying. But what really stinks is the willingness of Swiss bankers to turn a blind eye to the origins of the cash stashed in their vaults. Is Switzerland happy with its reputation as a place to put your money if you want to dodge taxes or hide criminal dealings? Swiss financial institutions manage around 1.3 trillion – more than a quarter of all private foreign assets worldwide. Much of it has been put there because of the protection afforded by Swiss financial confidentiality laws, first passed in 1934. Today, the cloak of secrecy still makes Swiss banks hugely attractive. Banking regulations have been the perfect vehicle for international tax evasion, which Swiss law does not consider a criminal offence. But why should the Swiss profit from aiding foreig
