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Swiss financial privacy does not protect terrorists
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Basel, 20 September 2001 - The Swiss Bankers Association was deeply shocked by the recent
outrageous acts of terrorism in the United States. Since these heinous
terrorist crimes there has been much discussion about the financing of terrorism and the
Swiss financial centre has also been mentioned in this connection. The Swiss Bankers
Association would like to take an early stand in this discussion by presenting the
following facts :
| 1. |
The high level of confidentiality Swiss banks offer their customers does not and will never protect terrorists and their financial transactions. When a crime - including acts of terrorism - is being investigated the judicial authorities have complete and unlimited access to information in the banks. Switzerland offers rapid and efficient international legal assistance in criminal investigations and the relevant bank accounts are frozen. Furthermore, the banks are legally obliged to report suspicious transactions to the authorities. |
| 2. |
Switzerland has the best anti-money laundering legislation to be found anywhere in the world and the procedures concerning the identification of customers are very comprehensive. Switzerland also played a leading international role in the fight against financial crime by drawing up the Wolfsberg anti-money laundering principles. |
| 3. |
The Swiss Bankers Association cooperates closely with the relevant federal authorities. Together with the banks we will offer the authorities immediate and expeditious assistance if and whenever necessary. |
| 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
Bank
