The Dhaka Times Desk Swiss banks are very popular with the world's wealthy. But why the rich keep money in Swiss banks? Just for privacy?
Many people from all over the world deposit money earned legally and illegally in Swiss banks. People from all over the world are most interested in keeping money here because of their privacy policy.
The secrecy of these banks is recognized by Swiss law. That is why banks are under no obligation to disclose their customers' information to anyone. Because of this, banks generally do not give anyone information about who, why or how the money is being deposited into the bank.
If this law is to be changed, it must be changed in a referendum or parliament. However, there is a special clause in this Act. Banks may provide customer information due to special circumstances, such as when public interest requires disclosure of customer account information or upon request by law enforcement authorities to detect fraud or fraud.
Explaining how this privacy policy works, Michel de Robert, head of the Association of Swiss Private Bankers, told the BBC, 'It's the same way a doctor or lawyer maintains the privacy of his patient or client. "A Swiss banker is not obliged to give any information about its customers to anyone, it is against the rules and the law."
It is precisely for this reason that Switzerland has become one of the major centers of banking services in the world. There are over three hundred banks and financial services institutions in the country. Among which the two largest banks are Credit Suisse and UBS.
However, there is no opportunity to open anonymous accounts in Swiss banks. A bank customer's account is identified with a number, but the real identity of the customer is known only to a few bank officials.
According to the website of the Swiss Bankers Association, the right to privacy is an integral part of the Swiss legal system and is protected by the federal constitution.
But this protection will not work in case of any crime. That is, if the money collected there is related to any crime, then there is no obstacle to reveal the identity of the customer.
According to the website of the Swiss Bankers Association, 'Swiss banks are obliged to disclose the identity of their customers in the event of a criminal investigation, whether the crime is committed in Switzerland or in another country.' But for that, the evidence of involvement of the customer in those crimes should be shown.
According to the International Anti-Corruption Charter, the Swiss central bank has disclosed the amount of money deposited by the citizens of different countries for the past few years. The Swiss central bank is only publishing information on how much money the citizens of a country have deposited in that country's banks.
Economists said that while Swiss banks were once popular in the world for banking, now the banking systems of Cayman Islands, Panama, British Virgin Islands and Bahamas have become popular again for the rich.
How Switzerland's banking system has developed has a long history. The history of how Switzerland became a major center of banking services in the world is quite long. It is said that this business of Swiss banks started by keeping their money in secret bank accounts when the Jews in Germany came under Nazi purges in the 1930s.
But even later, in 1934, the first Swiss banks enacted new laws to protect the privacy of their customers. Some French politicians and businessmen kept their huge sums in Swiss banks. That information was leaked from the bank. Then the Swiss banks took this step to protect the privacy of their customers.
Banks in Switzerland thrived on this privacy law. From corrupt Third World dictators to Euro-American tax evaders, everyone chooses Swiss banks to stash their money. And this is how Swiss Bank has become popular with influential or wealthy people around the world. Corrupt earners keep the money secretly in Swiss banks and take the opportunity to use it as they like.
Source: BBC Bangla
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