Switzerlands Banking System

Running Head : Banking System in SwitzerlandBanking System in Switzerland[Name of Writer][Name of Institution]Banking System in SwitzerlandIntroductionOne of the most notable services in Switzerland is considered to be banking . Swiss banks atomic purget 18 general for their very(prenominal) centenarian system in banking confidentiality . Many of the bing countries of Switzerland consume also employ equivalent banking structures . However there ar numerous inconclusive impressions about bank screen and what policies are adopted by Switzerland related to it . Banking covert was first introduced in Switzerland in 1934 . It aided German Jews who were trying to protect their specie from being seized by Nazis . Swiss banks have been pressurized by immaterial countries not to call shelter for money of dictators , terrorists and criminals (The Economist , 2008Swiss banking secrecy today is mean to earmark security to the posting holders glossiness from being accustomed right of entry by tertiary parties . It is often unobserved that Switzerland is one of the major and most rise up-organized coordinated financial centers in the world today with legion(predicate) procedures in present to countermine money laundering and stop assets being utilize to provide funding to terrorist activities Switzerland toyed with the thought of enforcing a preservation levy in replace for keeping the identities of their clients off the record . In July 2003 , the European Union Savings Tax Directive was approved . isolated from other distinctive qualities , the Swiss banking system is well cognize for its diversitySwiss Banking SecrecyUnder the constitution of Switzerland , the individual freedom and closed-door dimension are guaranteed . Because of the high value to individual liberty and privacy , the Swiss banking system has gained the reputati! on as the life renovator for many political refugees . However , bank secrecy is not arbitrary because it has to comply under specific legal quite a little .

Swiss authorities do grant the access to private records in certain casesThe myth of numbered accountsAll bank accounts in Switzerland know the said(prenominal) degree of secrecy and confidentiality . The bankers are required by the inseparable law to maintain silence about his or her client s personal matters and dealings under the penalty of fines or even enslavement . The Banking Law has no requirement concerning accounts designated by enigma add up or by passwords , since t hey have to become the banking secrecy or fortify its protection . The numbering account is just an privileged technical procedure that ensures that unaccompanied few bank executives sock the real identity of the depositor (Euroweek , 2007 . Broadly oration , the name that is with the number will be known to very few employees . f arrayincense , the bank reduces the opportunities that any of its employees will be induced with indiscretion , bribery or blackmail to report information about the client . At the same condemnation , it protects the rank and of employees from coming in the hands of foreign erudition activities . unnamed numbered accounts do not exist . Numbered accounts are undefendable only when the depositor who is already the client of the bank gives legal reasons for wish this protectionServices Offered by Swiss Universal Bank...If you want to get a practiced essay, order it on our website: BestEssayCheap.com
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