Showing posts with label Banking law of 1934. Show all posts
Showing posts with label Banking law of 1934. Show all posts

Sunday, 1 January 2012

Banking law of 1934


The Swiss Parliament passed the Banking Law of 1934, which codified the rules of secrecy and criminalizes violation of it. The secrecy provisions were not included in the first draft of the law, which mainly concerned administrative matters such as bank supervision. The provisions, found in Article 47(b), were added before passage of the bill due to Nazi authorities' attempts to investigate the assets of Jews and "enemies of the state" held in Switzerland