Switzerland continues to protect bank secrecy laws; refuses to loosen it for the press

Switzerland continues to protect bank secrecy laws; refuses to loosen it for the press

Swiss government officials voted against easing national regulations on financial mysteries, citing analysis from the UN and mission groups that said the regulations would continue to hurt press opportunities.

An infamous regulation known as Section 47 makes it a criminal offense to disclose data about a bank’s customers, whether or not it appears in the public bounty. This implies that informants and columnists who point out potential bad behavior can be charged.

Switzerland’s parliamentary subcommittee on the economy and charges voted against the law change on Friday, saying Swiss banks had tightened their controls on illegal tax evasion and wrongdoing by the middle class, and were respecting the global guidelines.

“A revision of the banking law would risk reinforcing public bias against private persons,” the subcommittee said in an explanation, adding that no media outlets have been charged under the law.

The subcommittee was studying the law in response to Switzerland’s privileged scrutiny of Switzerland’s second-largest bank, Credit Suisse. The breakup, which included information on 30,000 customers, revealed that the detained bank represents people involved in torment, drug trafficking, illegal tax evasion, debasement and other genuine wrongdoing, for decades. many years.

Switzerland’s outrageous regulations on financial mysteries meant that columnists who took part in the review risked being fined or even detained. The Swiss media were therefore unable to participate.

While the Swiss parliament does indeed plan to consider the issue in the not-too-distant future, the subcommittee’s refusal to support the popular progressions suggests that the changes could be optimized.

The subcommittee’s inability to change the law drew analysis from the UN’s Outstanding Rapporteur for the Articulation and Assessment Opportunity, Irene Khan. She told Spiegel and Tages-Anzeiger that she was discouraged and “will continue to press the Swiss public authority to cancel the financial settlement”.

Khan intends to raise the issue before the UN Common Liberties Council on June 24.

Denis Masmejan, Secretary General of Reporters Without Borders Switzerland, said: “We despise this choice, but we do not lose faith that further parliamentary intercessions will eventually change the lines.

“The use of Article 47 to the media is ridiculous and contradicts the expediency of the press… It should be amended somehow,” he added, saying the issue could ultimately be dealt with by the European Court of Fundamental Freedoms.

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