SBA position on latest developments in HSBC stolen data case

  • The SBA takes note of the extent of the data theft at HSBC and once again condemns the manner in which the French authorities have conducted themselves in this case. In particular, we are critical of the fact that France left Switzerland in the dark for so long about the dimensions of the theft.
  • Protection of an individual’s financial privacy remains a high priority in Switzerland. However, while it is not possible to totally rule out the possibility of criminal actions being undertaken by certain individuals, we strongly condemn any state that induces such criminal behaviour or indeed rewards it financially.
  • The SBA draws attention to the fact that well-established rules exist to manage international administrative assistance in tax matters and emphasises that these rules must be adhered to. The SBA takes the Swiss government on its word that Switzerland will not extend international administrative assistance in cases that are based on stolen data.
  • The SBA expects France not to place this illegally-acquired data at the disposal of other countries.
  • The SBA has no information with regard to the quality of the data that was stolen.