Switzerlands Banking System

Running Head : Banking System in SwitzerlandBanking System in Switzerland[Name of Writer][Name of Institution]Banking System in SwitzerlandIntroductionOne of the most nonable services in Switzerland is considered to be banking . Swiss banks atomic hithertot 18 hot for their really centenarian system in banking confidentiality . Many of the bing countries of Switzerland cede also employ equivalent banking structures . However there argon numerous inconclusive impressions about bank concealing and what policies argon adopted by Switzerland related to it . Banking hiding was first introduced in Switzerland in 1934 . It aided German Jews who were trying to protect their money from being seized by Nazis . Swiss banks have been pressurized by unconnected countries not to call shelter for money of dictators , terrorists and cr iminals (The Economist , 2008Swiss banking secrecy today is mean to earmark security to the consider holders husbandry from being accustomed right of entry by three parties . It is often unobserved that Switzerland is one of the major and most vigorous-organized arrange financial centers in the world today with legion(predicate) procedures in state of affairs to countermine money laundering and stop assets being utilise to provide funding to terrorist activities Switzerland toyed with the thought of enforcing a preservation tax in replace for keeping the identities of their clients off the record . In July 2003 , the European Union Savings Tax Directive was canonical . isolated from other distinctive qualities , the Swiss banking system is well cognize for its diversitySwiss Banking SecrecyUnder the constitution of Switzerland , the individual freedom and backstage space are guaranteed . Because of the high value to individual liberty and privacy , the Swiss bank ing system has gained the reputation as the ! life flotation device for many political refugees . However , bank secrecy is not arbitrary because it has to comply under specific legal spate .

Swiss authorities do grant the access to private records in certain casesThe myth of numbered accountsAll bank accounts in Switzerland have a go at it the said(prenominal) degree of secrecy and confidentiality . The bankers are required by the indwelling law to maintain silence about his or her guest s personal matters and dealings under the penalty of fines or even enslavement . The Banking Law has no requirement concerning accounts designated by hidden add up or by passwords , since th ey have to spread the banking secrecy or fortify its protection . The numbering account is just an privileged technical procedure that ensures that unaccompanied fewer bank executives sock the real identity of the depositor (Euroweek , 2007 . Broadly intercommunicate , the name that is with the number will be known to very few employees . f arrayincense , the bank reduces the opportunities that any of its employees will be induced with indiscretion , bribery or blackmail to describe information about the client . At the same cartridge clip , it protects the rank and of employees from coming in the hands of foreign scholarship activities . unnamed numbered accounts do not exist . Numbered accounts are undefendable only when the depositor who is already the client of the bank gives legal reasons for need this protectionServices Offered by Swiss Universal Bank...If you want to get a practiced essay, order it on our website: BestEssayCh eap.com

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