Switzerland has to disclose bank information

18.01.2012 Recently the Government of Switzerland has prepared a bill under which the state undertakes to provide foreign intelligence services with financial information about the details of bank accounts, account activity and balances on them. This moment the bill is going through a stage of active debates.
Some experts believe that Switzerland was forced to take this step because of pressure from an informal association of financial intelligence units of the world "Egmont," which in July 2011 required to change the position of confederation and provide the necessary financial information to foreign intelligence services under threat of exclusion from the organization members.

Expert’s opinion

“Banks of Switzerland - one of the most reliable and reputable in the world – are "threatened" with duty to disclose financial information on accounts.

The specialists in this field ask: "Will the institution of bank secret continue to exist?" Opinions are divided: some believe that Switzerland will not make further steps in the disclosure of bank information and customers have no grounds to worry about the "fate" of their accounts, while others are convinced in the positions of the state to meet the requirements of "Egmont" fully. Today the bill which enshrines the provision to give information on bank accounts to foreign special services is going through a stage of discussions and consultations”.

On the basis: www.reuters.com

Andrianova Irina ( the leading lawyer of legal support and banking consulting department of Honest&Bright)