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Swiss Bankers Association: Protection of privacy guaranteed
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OECD Working Group Report on Improving Access to Bank Information for Tax Purposes
(bk) Last year a Working Group of the OECD's Committee on Fiscal Affairs drew up a report
on improving access to bank information for tax purposes. This report has now been
approved by the OECD's Committee on Fiscal Affairs. The Swiss Bankers Association notes
that the Swiss legal system conforms with the Working Group's recommendations and that
there is no need to make any changes that would affect bank customers. The report in no
way weakens the protection of the individual privacy of bank customers in Switzerland.
Switzerland was represented in the Working Group by the Federal Tax Administration, and
the Working Group's report above all recognises the necessity of protecting bank
information from unauthorised encroachments on individual privacy. However, the Working
Group sees a need for discussion in the following areas:
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the duty to verify the identify of the contracting party and the beneficial owner of assets |
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the access tax authorities can have to bank information |
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the exchange of bank information with foreign tax authorities |
Member states are correspondingly encouraged to seek suitable solutions, both internally
and bilaterally, that mutually respect their current legal systems.
The Swiss Bankers Association notes that Switzerland already fulfils the report's
recommendations. First of all, it is not possible to deposit money anonymously with a
Swiss bank. This is ruled out by criminal law, by banking regulations and by the
professional rules of the Swiss Bankers Association which are binding on its members.
Furthermore, Swiss bank customer confidentiality rules offer no protection to criminals,
neither do they protect anyone committing tax fraud from criminal prosecution. It is
irrelevant whether the offence was committed in Switzerland or abroad. Under certain
preconditions Switzerland offers foreign states unilaterally the possibility of legal
assistance. One of these conditions is the principle of "double incrimination",
whereby the conduct considered to constitute an offence in a foreign country also
constitutes an offence under Swiss law, as, for example, is the case with tax fraud.
The report takes into consideration this and other aspects of national legal systems and
recognises their democratic foundations. The report therefore implies no substantial
changes that would affect Swiss banks and their customers.
Finally, the Swiss Bankers Association is pleased to note that the Federal Department of
Financial Affairs has confirmed that further dialogue with other states must conform with
the relevant principles of Swiss law, and that Swiss bank customer confidentiality is not
a topic for negotiation.
| Contacts |
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| Thomas Sutter |
James Nason |
| Head of Communications Switzerland |
Head of International Communications |
Swiss Bankers Association,
Basel |
Swiss Bankers Association,
Basel |
| Tel. +41 61 295 92 06 |
Tel. +41 61 295 92 15 |
| Fax +41 61 272 53 82 |
Fax +41 61 272 53 82 |
 www.swissbanking.org |
www.swissbanking.org |
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Junior
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