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Swiss Banking Secrecy; The Erosion of an Institution. IES WORKING PAPER 2/2008

Lamensch, Marie (2008) Swiss Banking Secrecy; The Erosion of an Institution. IES WORKING PAPER 2/2008. [Working Paper]

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    Switzerland has for a long time been an important centre of banking services in Europe and beyond. Consequently, the banking sector has become important to Switzerland’s prosperity. This paper focuses on a central reason behind the success of the Swiss banking sector: the institution of banking secrecy, deeply enshrined in the Swiss history and tradition. The rapid development of international markets that eventually gave rise to a “group structuration process” has, however, progressively eroded Swiss banking secrecy. It has had to bend before the duty of transparency within the groups in order not to promote financial criminality through accelerated asset inflows. Switzerland has also had to develop a comprehensive legislative frame to tackle financial criminality, and to enter into international agreements providing for mutual assistance. This process has undoubtedly and irremediably weakened the Swiss banking secrecy. Most importantly, nevertheless, the questionable ethical and socio-economic grounds of this controversial institution could and should also start to erode it from within.

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    Item Type: Working Paper
    Subjects for non-EU documents: EU policies and themes > External relations > international economy
    Countries > Switzerland
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Institute for European Studies (Brussels) > Working Papers
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 12 Feb 2015 16:16
    Number of Pages: 38
    Last Modified: 12 Feb 2015 16:17

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