Swiss banking secrecy laws took effect in the 1930s after the Nazis tried to confiscate the assets of their perceived enemies, many of them Jews. And since then, it has brought untold wealth to the small Alpine nation along with plenty of international headaches.
From pressure by the United States and France in the past two years to share bank data to the more recent purchases of stolen bank details by Germany that could yield 100 million euros in back taxes, the Swiss are increasingly questioning their long tradition of secrecy and what it means for their country's future in the global economy. Already, the head of a Swiss bankers' association has said the tradition is not so important for the clients of tomorrow while admitting that the trust customers have in Swiss banks has been seriously eroded.
Slug: CH-Banking
Date available for assignment: now
Time period for assignment: 4 days
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