Swiss Banking Secrecy

Funds Derived From Drug-Trafficking

In September 1994, the Federal Attorney-General sent the banks an order listing sixty people involved in criminal proceedings in Palermo concerning heroin-trafficking by the Mafia, and inviting them to exercise their right to report whether any of these people were among their clients. According to the new provisions of the Penal Code, banks must exercise their right to report whether any of these people were among their clients. According to the new provisions of the Penal Code, banks must exercise their right to inform the authorities if there are serious reasons for suspecting that they hold assets of criminal origin. Consequently, the Federal Public Prosecutors Department and the Swiss Bankers Association have agreed that a bank may refer the matter to the Swiss Bankers Association when it is not convinced that the client cited in an order has deposited with it assets of criminal origin (for example, assets linked to drug-trafficking) or if the bank doubts whether the person named is one of its clients. In such a case, without revealing the name of the bank, the Swiss Bankers Association will ask the Public Prosecutors Department for clarification so that the bank can come to its own conclusions (Swiss Bankers Association circular No.1155 D of 6 December 1994).

• Banking Secrecy Has Never Been Absolute
• The Identity of the Client is Always Known to the Bank
• Origin and Raison d'etre of Banking Secrecy
• Domestic Law: Procedure
• Preserving Documents
• Marriage
• Protection of Personal Data
• Tax Authorities
• Foreign Banks
• Criminal Law
• The Exercise of Due Diligence
• The Fight against Money Laundering in the Financial Sector
• Conclusion

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