Switzerland improves legislation

15.08.2014

 Economic Affairs and Taxation Committee of the National Council (EATC-N) thinks that it is not right that persons, who transfer the client information stolen from financial institutions, are not criminally liable. In order to improve situation Committee proposes to fulfill legal loopholes that allowed the sales of stolen information

The initiative was supported b the Swiss Federal Council, which emphasized that the fulfillment of such loopholes will provide for the increase of country’s competitiveness in the world and also will increase the clients’ faith into the stability of the banking sector.

Source: https://www.news.admin.ch/message/index.html?lang=en&msg-id=54058

Expert’s opinion

It is surprising that the officials of such world famous banking center as Switzerland just got the idea of criminal liability for the transfer of stolen client information to the third parties. Assumingly the question of the client protection, let’s say “at all fronts”, should have been priority from the beginning. But it seems that Swiss were so busy with the issue of US citizens lately, that they did not pay attention to this question.

Well, as the saying goes – better late than never.

Anna Shevchenko ( Lawyer, Honest & Bright)