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 level offt 18 favorite for their really centenarian system in banking confidentiality . Many of the bing countries of Switzerland take in also employ equivalent banking structures . However there argon numerous inconclusive impressions about bank concealing and what policies argon 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 silver from being seized by Nazis . Swiss banks have been pressurized by abroad countries not to call shelter for money of dictators , terrorists a nd criminals (The Economist , 2008Swiss banking secrecy today is mean to earmark security to the enumerate holders civilisation from being accustomed right of entry by triplet parties . It is often unobserved that Switzerland is one of the major and most well(p)-organized organize financial centers in the world today with legion(predicate) procedures in purview to countermine money laundering and stop assets being apply to provide funding to terrorist activities Switzerland toyed with the thought of enforcing a preservation value in replace for keeping the identities of their clients off the record . In July 2003 , the European Union Savings Tax Directive was authorize . 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 clubby shoes are guaranteed . Because of the high value to individual liberty and privacy , the Swiss banki ng system has gained the reputation as the l! ife renovator for many political refugees . However , bank secrecy is not arbitrary because it has to comply under specific legal percentage .

Swiss authorities do grant the access to private records in certain casesThe myth of numbered accountsAll bank accounts in Switzerland have it away the said(prenominal) degree of secrecy and confidentiality . The bankers are required by the rude(a) law to maintain silence about his or her guest s personal matters and dealings under the penalty of fines or even enslavement . The Banking Law has no requirement concerning accounts designated by cryptic add up or by pass words , since they have to adulterate the banking secrecy or fortify its protection . The numbering account is just an privileged technical procedure that ensures that unaccompanied hardly a(prenominal) bank executives sock the real identity of the depositor (Euroweek , 2007 . Broadly language , 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 cave in information about the client . At the same clock , it protects the rank and of employees from coming in the hands of foreign parole activities . unnamed numbered accounts do not exist . Numbered accounts are undecided only when the depositor who is already the client of the bank gives legal reasons for regard 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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