 |
| The limits to Swiss bank secrecy Home > Basics > Swiss bank secrecy > Definition > Limits There are a limited number of exceptions to Swiss bank secrecy that are strictly regulated by law. In theory, bank secrecy can be lifted for matters such as inheritance, divorce and debt and bankruptcy by order of a legal authority. In practice, Swiss bank secrecy is very difficult to lift, for the plaintiff must first prove before the Swiss court* that the account exists in Switzerland, e.g. by producing a bank statement.Swiss bank secrecy is most often lifted for criminal cases such as narcotics trafficking, extortion, terrorism, etc. The objective of a criminal trial is not to plead in the interest of the parties, but for the sake of public interest, and so the client's right to bank secrecy gives precedence to the interest of justice. As such, bank secrecy is not an obstacle to criminal prosecution. Both the justice system and the Swiss banks take active part in the fight against money laundering. Note that tax evasion is not considered sufficient grounds for lifting Swiss bank secrecy. * Swiss bankers are prohibited from testifying before a foreign court.
|
| © Micheloud & Cie 2008 Tel. ++41 21 331 48 48 info@swiss-bank-accounts.com. No part of this site may be reproduced in any form or by any means without our prior written permission. Printed from http://swiss-bank-accounts.com/e/banking/secrecy/limits.html |
