Law Commons^™

Don't Tread On Me: Has The United States Government's Quest For Customer Records From Ubs Sounded The Death Knell For Swiss Bank Secrecy Laws, Bradley J. Bondi

Northwestern Journal of International Law & Business

Privacy protection is a defining characteristic of Swiss culture and a pillar of the Swiss economy. For centuries, the Swiss people have coveted the principles of individual privacy, regularly reaffirming those principles in response to referendums designed to limit them. Swiss banking secrecy, one aspect of privacy, is protected by Swiss criminal and civil laws and professional duties. Swiss banks pride themselves on protecting customer identity and have leveraged their legal and cultural commitment to secrecy to gain a competitive advantage in the global banking market. This brief Article discusses the Swiss banking laws that prohibit a Swiss bank from …