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The Swiss bankerīs professional duty of client confidentiality is rooted in Article 47 of the (Swiss) Federal Law on Banks and Savings Banks, which came into force on 8 November 1934. The article stipulates that anyone acting in his/her capacity as member of a banking body, as a bank employee, agent, liquidator or auditor, as an observer of the Swiss Federal Banking Commission (SFBC), or as a member of a body or an employee belonging to an accredited auditing institution, is not permitted to divulge information entrusted to him/her or of which he/she has been apprised because of his/her position.
Swiss legislation also guarantees respect for privacy in other areas of professional activity, e.g. for doctors or lawyers. It is a question of protecting personal privacy, a basic right established under the Swiss constitution (Art. 13).
Although a desire for privacy can play an important part in an investorīs decision to deposit his/her assets in a Swiss bank, it is not the sole factor in the decision.
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| One should not forget that Switzerlandīs political and monetary stability, its excellent infrastructure and the professional know-how and experience of its bankers are also attractive factors. |
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