The Swiss banking industry: The changing banking secrecy laws and the future of Swiss banking

Date

2014

Authors

Norman, Taylor

Journal Title

Journal ISSN

Volume Title

Publisher

Bachelor of Commerce Best Business Research Papers

Abstract

Recent global events have triggered the start of Switzerland’s government cooperating with international authorities that are working to stop tax evasion. The cooperation by the Swiss government is threatening the future of Swiss secret banking laws, which have been around since 1934. The importance of this topic is to understand the effect that these changes will have on Swiss banks, as the new laws and regulations begin to stop foreign tax evasion in Switzerland. The successes of Swiss banks have been in large part due Switzerland’s tax laws attracting foreign wealth combined with strict secrecy laws protecting clients. Swiss banking is a very important part of the Swiss economy. Through analyzing research in scientific papers and business journals, it can be argued that changing the secrecy laws will have a negative financial impact on Swiss banks, and cause a restructuring in their operations.

Description

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Citation

Norman, T. (2014). The Swiss banking industry: The changing banking secrecy laws and the future of Swiss banking. Bachelor of Commerce Best Business Research Papers, 7, 62–70.