The end of Swiss numbered bank accounts
(10/6/2004)
An anti-money laundering edict came into force in Switzerland in July which some commentators are saying amounts to the beginning of the end of Swiss banking secrecy.
The rule forbids Swiss banks from making money transfers to accounts in other countries without naming the sender. Previously, money transfers could simply be numbered. Some commentators have said that the rule is the first stage in the ending of Swiss banking secrecy. The Swiss Bankers Association has denied this, and has also said that Switzerland `already has some of the toughest anti-money laundering regulations in place` in any case.
Geneva-based banking lawyer Carlo Lombardini questions the effectiveness of the new ordinance.
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