While the Swiss banking system’s reputation for hiding numbered bank accounts under a cloak of anonymity was once considered sacrosanct, the seal was broken on its banking secrecy back in 2013 when it signed an international agreement with the OECD (Organization for Economic Cooperation and Development) to fight tax evasion. Since then, other international agreements, such as the FATCA, have continued to chip away at the remaining vestiges of bank secrecy deeply ingrained within Swiss culture.

Have these agreements marked the end of bank secrecy in Switzerland? Not necessarily, according to a recent article appearing in the New York Times. The article, entitled Swiss Banks’ Tradition of Secrecy Clashes With Quests Abroad for Disclosure, here, examines the fallout to Swiss bankers who have implemented these anti-tax evasion policies. Read More