Swiss Banking Secrecy

Swiss banking secrecy is a legal principle that protects the privacy of clients by prohibiting banks from disclosing personal and financial information to third parties without consent. Originating in Switzerland’s laws, it ensures confidentiality, fostering trust and financial stability. However, in recent years, international efforts to fight tax evasion and Money laundering have led to increased transparency, with agreements allowing information sharing under specific circumstances. Despite these changes, Swiss banking secrecy still emphasizes the importance of client confidentiality, balancing privacy rights with the global push for financial accountability.