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Essay / Research Paper Abstract
A 5 page paper discussing the growing changes in Swiss banking practices. Switzerland is less of a haven now for funds gained through activity illegal in other nations but not in that nation, such as tax evasion. While Swiss bankers have provided the world with example of unquestioning confidentiality that still exists for legitimately acquired funds, ethics now have growing influence in Swiss banking. The paper also discusses the investigations into proper ownership of accounts opened by Jewish Holocaust victims. Bibliography lists 7 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSSwiss.doc
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Unformatted sample text from the term paper:
bank account as one of the terms of preventing him from blowing something up. The same type of accounts were popular in James Bond movies, too. Recently, a
South American drug lord attempted to open his very own such numbered and highly private account. Expecting a rather short transaction process, the bank instead interviewed him for two
hours and ultimately decided against opening an account for him (Kraft, 1995). Changes in the System
Not only are Swiss banks becoming more finicky about the quality and source of new customers riches, they also have been voluntarily reporting suspicious customer since 1994, but such
reporting became a matter of law in 1998 (Parry, 1998). For sixty years, Swiss law required bankers to uphold utmost confidentiality in their banking activities. The letter of
the law allowed tax evaders to hide their incomes, provided a haven for Third World dictators to stash government funds they had usurped for themselves, and provided laundry service for
narcotics dealers around the world (Curley, 1996). The first break in the code of absolute secrecy came when the Swiss government and the
countrys bankers agreed to cooperate with US drug investigators attempting to track down the financial activity of suspected high-end drug dealers. Many of the bankers objected, but the cooperation
finally was grudgingly given. Swiss citizens voted in 1984 on whether to change their countrys banking laws that required absolute secrecy and confidentiality
for any depositor (Zanker, 1984). Rudolf Strahm was the Social Democratic Party secretary and the designer of the banking referendum on which voters were about to give their collective
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