Switzerland sees no need to change banking secrecy

Switzerland sees no need to change banking secrecy

“Switzerland is going to stand firm against revealing banking secrecy”, Ueli Maurer, President of the Swiss Confederation, told Le Matin Dimanche newspaper.

He added that Switzerland unlike Luxemburg’s capitulation last week to EU demands for an automatic tax data exchange, is not part of the EU and there is “absolutely no reason to reveal banking secrecy”. Banking secrecy is "comparable" to medical confidentiality, Maurer said, adding “International pressure, however, could force Switzerland to change position”.

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